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Tag Archives: HOPE NOW Alliance

HOPE NOW Completes 768,000 Modifications

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released a press release Thursday outlining its loan modification data from 2013. In total, 768,000 homeowners received loan modifications from HOPE NOW in 2013.

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Decline in Foreclosures Outpaces Decline in Loan Modifications

Mortgage Debt Relief

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

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Private-Public Collaboration Results in 8M Foreclosure Preventions

Collaboration between the private and public sectors has resulted in 8 million non-foreclosure solutions completed for at-risk families since 2007, according to HOPE NOW, a voluntary alliance of mortgage servicers, investors, mortgage insurers, and nonprofit housing counselors. Over the last six years, the mortgage industry has completed more than 6.71 million total permanent loan modifications, while short sales total approximately 1.39 million since December 2009.

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Loan Mods Rise in August, Foreclosures Remain Steady

Servicers completed 67,000 mortgage loan modifications in August, bringing the total for the year to 580,000, according to HOPE NOW. Loan modifications increased 8 percent in August when compared to the month prior, and year-to-date loan mods outpace foreclosure sales by about 142,000. HOPE NOW reports about 23,000 short sales were completed in August.

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Loan Mods Up from Year Ago in Q2; Foreclosure Starts Plummet

Although the pace of loan modification activity slowed from the first to the second quarter this year, foreclosure starts saw an even greater quarterly decline, according to data from HOPE NOW. In the second quarter, servicers provided 204,000 loan modifications to distressed borrowers, down by about 16 percent from the prior quarter. However, loan modifications were still up 13 percent from a year ago. Meanwhile, foreclosures starts were down 30 percent compared to the first quarter and down 38 percent from last year.

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Industry Increases Pace for Mods, Short Sales in May, Foreclosures Fall

Servicers provided nearly 74,000 modifications for distressed homeowners in May, up from 70,000 in April, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors. This raises the total for modifications to 6.47 million since 2007, which is when HOPE NOW began keeping track. Short sales also ticked up in May, rising slightly to 28,000, up from 27,000 in April. Since 2009, the industry has provided about 1.29 million short sales to help homeowners avoid foreclosure.

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HOPE NOW Reports 70K Mods in April, 59K Foreclosure Sales

Nearly 70,000 homeowners received permanent loan modifications in April, while foreclosure sales stood at 59,000 for the month, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors. Since 2007, 6.39 million struggling homeowners have received permanent modifications, HOPE NOW reported. Completed short sales reached 27,000 in April--a slight adjustment from 28,000 in March.

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Loan Mods, Short Sales Outpace Foreclosure Sales 2-to-1 in Q1

From January through March, servicers implemented 244,933 loan modifications, according to HOPE NOW. At the same time, 83,394 borrowers avoided foreclosure through the short sale process. This brings the combined total for loan modifications and short sales to 328,327 for the first quarter. Meanwhile, HOPE NOW data showed foreclosure sales fell 14 percent to 161,641. Although foreclosure sales were down, foreclosure starts increased 30 percent in the first quarter to about 472,000.

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