HOPE NOW has announced that an estimated 63,000 homeowners received permanent, affordable loan modifications during May.
According to HOPE NOW's data, approximately 45,000 loan modifications were completed via proprietary programs and 17,590 loan modifications were completed under the Home Affordable Modification Program (HAMP). This brings the total number of permanent, non-foreclosure solutions since 2007 to 6.43 million – a figure that includes proprietary loan modifications, HAMP loan modifications and short sales.
The latest data shows that approximately 38,000 short sales were completed in May. The total number of short sales completed since HOPE NOW started collecting this data is approximately 906,000.
‘We have been tracking short sales for almost two years, and we now have meaningful data that shows the impact of short sales on the housing market,’ says Faith Schwartz, HOPE NOW's executive director. ‘Since 2007, the industry has completed 6.43 million permanent solutions, which includes short sales and loan modifications.’