An estimated 66,002 homeowners received permanent, affordable loan modifications via proprietary programs from mortgage servicers during July, according to new data from HOPE NOW. This represents a 43% increase in proprietary loan modifications over the previous month (46,208).
The reported data does not include loan modifications completed under the Home Affordable Modification Program for the month of July. That data has not yet been reported by U.S. Department of Treasury for the month.
The July data showed that proprietary loan modifications with 90-plus day delinquency hit the lowest level since HOPE NOW began reporting this data. The re-default rate was at 8.9% of the total loan pool for the month, compared to 10.3% for all modified loans as of the end of June. This percentage represents 82,333 total loans seriously delinquent six months after modification.
Short sales for July were 36,260, while there were 63,527 foreclosure sales reported during the month. July also saw 164,593 foreclosure starts, compared to 156,945 in June.