Approximately 444,000 homeowners received non-foreclosure solutions from mortgage servicers in the first quarter of 2015, according to latest report from HOPE NOW.
HOPE NOW is a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors.
Permanent loan modifications reached approximately 116,000 and short sales totaled 24,000. Other solutions (including repayment plans, deeds in lieu, other retention plans and liquidation plans) made up the rest of the total number.
In addition, of the 116,000 loan modifications completed for the first quarter of 2015, about 87,000 homeowners received proprietary loan modifications and 29,101 homeowners received loan modifications completed under the Home Affordable Modification Program.
On a monthly basis, proprietary loan modifications showed a consistent trend in Q1 2015.
For the first quarter, the combination of total loan modifications, short sales, deeds in lieu and workout plans outpaced foreclosure sales by a significant margin, with approximately 444,000 solutions versus 96,000 foreclosure sales.
“Activity on mortgage solutions remained robust during the first quarter of the year. Permanent loan mods continue to slightly outpace foreclosure sales and total non-foreclosure solutions remain at a steady pace,” said Eric Selk, executive director of HOPE NOW. This trend, it should be noted, has been going on for some time.
“The industry has many tools at its disposal in offering customers the best possible outcome. HOPE NOW’s data has shown a consistent trend in the relationship between options offered and foreclosure sales. The good news in this trend is that these efforts point to a correcting market across the board. HOPE NOW’s members have made a special effort to engage borrowers in communities that still lag behind in their housing and economic recovery,” Selk continued.
