HOPE NOW: 70K Loan Mods for Homeowners in April

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Total Loan Mods Since 2007 at 6.39 Million

WASHINGTON, DC – June 24, 2013 – (RealEstateRama) — HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its April 2013 loan modification data. An estimated 70,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).

Total Loan Modifications at 6.39 Million Life to Date The April total of approximately 70,000 loan modifications brings the total number of permanent loan modifications to 6.39 million.

Since 2007:

? Approximately 5.2 million homeowners have received proprietary loan modifications.

? 1,190,605 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).

For the month of April:

? An estimated 58,000 homeowners received proprietary loan modifications.

? 11,966 homeowners received HAMP modifications.

Foreclosure Sales Up from Previous Month, Starts Remain Flat
In the month of April 2013, there were approximately 59,000 foreclosure sales completed, compared to 52,000 completed in March – an increase of 14%. Foreclosure starts were approximately 115,000 for the month of April, relatively flat compared to the previous month’s total of approximately 116,000.

Short Sales Continue to Impact the Market – 1.26 Million Since 2009
Short sales for April were approximately 27,000 – similar to March’s total of 28,000. Since HOPE NOW began tracking short sale data in 2009, approximately 1.26 million short sales have been completed.

Serious Delinquencies Show Declines from Previous Month
Delinquencies of 60 days or more were at 2.17 million for the month of April, compared to 2.38 million in March – a decline of approximately 9%. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2013.

Proprietary Loan Mods Continue to Show Affordability
Loan modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners. For the month of April:

? Proprietary loan modifications that included fixed interest rates of five years or more accounted for 93% (54,000) of the total.

? Proprietary loan modifications with reduced principal and interest monthly payments accounted for 83% (48,000) of the total.

? Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 76% (44,000) of the total.

The full data set for April 2013 is available at www.hopenow.com.

Eric Selk, Executive Director, issued this statement:

“HOPE NOW is proud of the efforts its members have made on behalf of the nation’s homeowners. While there is still work to be done in the housing market, significant progress has been made via loan modifications, short sales and other solutions.

Since 2007, HOPE NOW has reported over 7.6 million non-foreclosure solutions. We have hosted over 140 face to face events, including events held on military bases, and we remain committed to working with all stakeholders.

We look forward to working with partners on upcoming borrower events in Columbia, South Carolina on June 28th and Birmingham, Alabama on July 31s.

Additionally, HOPE NOW has planned special events for Service Members and veterans in San Antonio, Texas on August 17th and San Bernardino, California on August 24th. Face to face events in targeted markets, along with use of new technology, private sector tools and support of government programs continue to be paramount to our efforts.”

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

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