An estimated 45,000 homeowners received permanent, affordable loan modifications via proprietary programs from mortgage servicers in February, according to new data from HOPE NOW.
The February data also shows that foreclosure sales and foreclosure starts both declined from January. For February, there were approximately 69,000 foreclosure sales and 167,000 foreclosure starts. This compares with 79,000 sales and 200,000 starts in January. Delinquencies of 60 days or more declined from 2.77 million in January to 2.66 million in February, or approximately 5% of all loans.
The new HOPE NOW data does not include loan modifications completed under the Home Affordable Modification Program (HAMP). That data has not yet been reported by the U.S. Department of the Treasury for February.
‘Collaborative efforts between the mortgage industry, nonprofit community and other stakeholders continue to evolve,’ says Faith Schwartz, executive director of HOPE NOW. ‘The common goal is to perfect the customer experience and educate homeowners on their alternatives to foreclosure.’