HOPE NOW: Modifications And Repayment Plans Fall

Posted by Orb Staff on September 02, 2009 No Comments
Categories : Mortgage Servicing

Foreclosure starts rose in July, while completed foreclosure sales fell, HOPE NOW reports. According to the coalition's data, foreclosure starts increased from 251,340 in June to 283,682 in July. Completed foreclosure sales decreased from 92,661 to 89,173.

The 60+ day delinquencies increased 5.9%, or 3.1 million homeowners, in July. Both loan modifications and repayment plans decreased significantly in July. Modifications were down to 80,167 from 93,921 in June, and repayment plans went from 211,882 in June to 173,506 in July.

HOPE NOW says the downward trend is the result of servicers' retooling and refocusing efforts to execute modifications through the federal Home Affordable Modification Program.

‘The good news is that, in July, over 253,000 borrowers were helped through loan workout solutions, while foreclosure sales dropped," says HOPE NOW's executive director, Faith Schwartz.

HOPE NOW anticipates loan modifications numbers will increase in coming months, as borrowers move from trial plans into permanent modifications.

SOURCE: HOPE NOW

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