HOPE NOW reports 118K mortgage solutions in August

Foreclosure sales hit lowest level since 2007

Foreclosure sale activity is at its lowest level as of August 2015 since HOPE NOW began collecting data (2007) – approximately 27,000 for the month.

By comparison, August 2010 saw the number of completed foreclosure sales at 100,000.

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(Source: HOPE NOW)

Compared to data from five years ago, universally accepted as the peak of the housing crisis, the current data show significant improvement at the nationwide level, for both foreclosures and delinquencies.

In the second quarter of 2015, approximately 411,000 homeowners received non-foreclosure solutions from mortgage servicers, according to HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.

Since 2007 the mortgage industry has completed a total of 24 million workout plans and six million proprietary loan modifications for homeowners — reaching another milestone in its efforts to assist families with troubled mortgages.

This compares to just over six million foreclosure sales completed in the same time period.

Below are some key figures from August 2015, compared to August 2010.

On the loss mitigation side, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) in August 2015 were approximately 118,000 – a ratio of more than four solutions for every completed foreclosure sale.

Included in that total solutions figure were an estimated 33,000 permanent loan modifications. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Of the permanent loan modifications completed in the month of August, an estimated 23,000 were through proprietary programs and 9,489 were completed via HAMP.

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