HOPE NOW: 81,351 Loan Mods for Homeowners in February – Up 6% from Previous Month
Completed Foreclosure Sales at Lowest Level Since December 2007
WASHINGTON, DC – April 12, 2013 – (RealEstateRama) — HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its February 2013 loan modification data. An estimated 81,351 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. The February total represented a 6% increase from the month of January (76,755).
This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Total Loan Modifications Since 2007 at 6.23 Million
The February total of 81,351 loan modifications brings the total number of permanent loan modifications since 2007 to 6.23 million.
? 5,066,732 homeowners have received proprietary loan modifications.
? 1,166,726 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).
For the month of February:
? 65,965 homeowners received proprietary loan modifications.
? 15,386 homeowners received HAMP modifications.
Foreclosure Sales at Lowest Monthly Level Since 2007
In the month of February 2013, there were 49,135 foreclosure sales completed, compared to 62,395 completed in January – a decline of 21%. February’s data represents the lowest monthly total since December 2007, when HOPE NOW reported 47,378 foreclosure sales.
Foreclosure starts were 193,860 for the month of February, representing a 16% increase over the previous month’s total of 167,232. Foreclosure data is extrapolated from data received by the Mortgage Bankers Association for the fourth quarter of 2012.
Short Sales Continue to Impact the Market
Short sales for February were 26,388, for a total of 56,036 for the first two months of the year. Since HOPE NOW began tracking short sale data in 2009, approximately 1,209,074 short sales have been completed. Serious Delinquencies Remained Flat
Delinquencies of 60 days or more were at 2.48 million for the month of February,
compared to 2.54 million in January – a slight decline of approximately 2%. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the fourth quarter of 2012.
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 February:
? Proprietary loan modifications that included fixed interest rates of five years or more accounted for 92% (60,845) of the total.
? Proprietary loan modifications with reduced principal and interest monthly payments accounted for 86% (56,837) of the total.
? Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 79% (52,145) of the total.
The full data set for February 2013 is available at www.hopenow.com. Eric Selk, Executive Director, issued this statement:
“HOPE NOW has been tracking data on mortgage solutions since 2007 and our mortgage servicing members have now offered 7.4 million permanent, nonforeclosure solutions to homeowners.
More than 158,000 loan modifications have been completed in the first two months of 2013 and outreach to at-risk homeowners by the industry, non-profits, government agencies and others remains proactive. These results are a testament to the hard work being done on behalf of the nation’s homeowners. There are more options than ever before and the goal is to offer viable, realistic and sustainable solutions.
HOPE NOW will continue to facilitate these efforts through face to face borrower events, co-sponsored by Making Home Affordable and key local partners. So far in 2013, over 2,700 homeowners have attended mortgage assistance events in Atlanta, Miami, New Jersey and Las Vegas. Upcoming events will take place in Los Angeles in April and Chicago in May.
Additionally, HOPE NOW continues to work with its military partners to find efficient ways to assist Service Members affected by Permanent Change of Station and the recent Federal sequestration.”
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™.