HOPE NOW: 204K Loan Modifications for Homeowners During Q2 2013

Foreclosure Starts Foreclosure Starts Down 30% from Previous Quarter

WASHINGTON, DC – August 14, 2013 – (RealEstateRama) — HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its Q2 2013 data, which shows that approximately 204,000 homeowners received permanent loan modifications from mortgage servicers from April through June of this year.

Of the 204,000 loan modifications completed for the second quarter of 2013, about 160,000 homeowners received proprietary loan modifications and 44,860 homeowners received loan modifications completed under the Home Affordable Modification Program (HAMP).

Total Loan Modifications since 2007 at 6.53 Million
Since 2007, the mortgage industry has completed more than 6.53 million total permanent loan modifications for homeowners. Of those loan modifications, more than 5.31 million were proprietary programs and 1,223,499 were completed under HAMP.

Short Sales Completed Since 2009 at 1.32 Million
Short sales for the second quarter of 2013 were approximately 81,000, for a total of over 1.32 million since December 2009. The combination of loan modifications and short sales has brought the total number of permanent, non-foreclosure solutions to over 7.84 million.

Q2 2013 vs. Q1 2013 – Foreclosure Starts Down 30%
During the second quarter of 2013, there were an estimated 329,000 foreclosure starts, compared to 472,000 during the previous quarter – a decline of over 30%.

Here are some other key metrics for Q2 2013 vs. Q1 2013:

? Completed foreclosure sales in Q2 2013 were approximately 158,000 vs. 162,000 for Q1 2013 – a decline of 2%.

? Short sales completed in Q2 2013 were approximately 81,000 vs. 84,000 for Q1 2013 – a decline of 3%. Q2 2013 vs. Q2 2012 – Loan Mods up 13%

The 204,000 loan modifications completed in the second quarter of 2013 compares to an estimated 182,000 completed during the second quarter of 2012.
Here are some other key metrics for Q2 2013 vs. Q2 2012:

? Foreclosure starts for Q2 2013 were approximately 329,000 vs. 527,000 for Q2 2012 – a decline of 38%.

? Foreclosure sales for Q2 2013 were approximately 158,000 vs. 185,000 for Q2 2012 – a decline of 15%

? Short sales completed for Q2 2013 were approximately 81,000 vs. 107,000 for Q2 2012 – a decline of 25%.

June 2013 Key Data Points
For the month of June, there were an estimated 61,000 permanent loan modifications completed. Of that total, approximately 44,000 were proprietary loan modifications and 17,323 were completed under HAMP. Total modifications for the month represented a 16% decline from the previous month (73,000).

Here are proprietary loan modification characteristics for the month:

? Proprietary loan modifications that included fixed interest rates of five years or more accounted for 98% (43,000) of the total.

? Proprietary loan modifications with reduced principal and interest monthly payments accounted for 80% (35,000) of the total.

? Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 80% (35,000) of the total.

Other key metrics for the month of June 2013 compared to May 2013:

? Foreclosure starts were estimated at 97,000 in June vs. 115,000 in May – a decline of 16%.

? Foreclosure sales were estimated at 52,000 in June vs.48,000 in May – an increase of 8%

? Short sales completed were approximately 26,000 in June vs. 28,000 in May – a decline of 7%.

? Delinquencies of 60+ days were approximately 2.22 million in June, representing virtually no change from May. (Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the second quarter of 2013). The full data set for Q2 2013 can be found at www.hopenow.com

Eric Selk, Executive Director, issued this statement:

“HOPE NOW’s members remained committed to helping families find viable and sustainable mortgage solutions. Our data through the first half of 2013 suggests that mortgage servicers, non-profits, government agencies and state level partners continue to work hard on behalf of at-risk homeowners nationwide.

Our mission since 2007 remains the same – to reach out and assist as many homeowners as possible using all of the tools at our disposal. In addition to the progress made via our solution data, HOPE NOW has sponsored over 140 face to face events in more than 70 markets nationwide and has been a driving force in bringing together all mortgage stakeholders in the interest of improving the nation’s housing market.

As we head into the second half of 2013, HOPE NOW and its partners will continue outreach efforts, with an event already planned for Prince George’s County, MD on September 17th and preliminary planning for events in Philadelphia and Ft. Lauderdale in the last quarter of the year.

Additionally, HOPE NOW is partnering with state agencies and military nonprofits to host special events for Service Members and Veterans in San Antonio, Texas on August 17th and San Bernardino, California on August 24th.”

HOPE NOW is the industry-created alliance of mortgage servicers, investors, counselors, and other mortgage market participants, brought together by the Financial Services Roundtable, Housing Policy Council and Mortgage Bankers Association, that has developed and is implementing a coordinated plan to help as many homeowners as possible prevent foreclosure and stay in their homes.

For more information go to www.HopeNow.com or call the free Homeowner’s HOPE™ Hotline at (888) 995-HOPE™.

Media Contact:
Brad Dwin
(410) 303-6391

Category: News || Foreclosures, Mortgage


 


 

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