HOPE NOW: Mortgage Modifications Dropped 8% In July

Posted by Patrick Barnard on September 15, 2014 No Comments
Categories : Mortgage Servicing

About 35,000 homeowners received permanent loan modifications from mortgage servicers during July, a decrease of about 8% compared to the approximately 38,000 processed in June, according to HOPE NOW.

Of the 35,000, about 25,000 were through proprietary programs, while 10,177 were completed via the government's Home Affordable Modification Program (HAMP).

For the month of July, the combination of total loan modifications, short sales, deeds in lieu and workout plans were approximately 157,000, HOPE NOW reports. Of those, about 112,000 were workouts – non-loan modification, non-foreclosure alternatives that provide short term relief for homeowners who continue to work on permanent options. Repayment plans and liquidation options are part of this category.

Foreclosure sales increased slightly in July, due mainly to servicers working through their backlog of foreclosure files more quickly as volume falls. There were about 38,400 completed foreclosure sales in July compared to about 36,800 in June, an increase of 4%.

Foreclosure starts remained more or less flat, with about 70,400 reported in July compared to about 69,400 reported in June.

Serious delinquencies (60 days or more overdue) continued to decline, dropping to approximately 1.86 million for July. It was the fifth straight month that serious delinquencies remained under 2 million.

Approximately 11,000 short sales were completed in July – unchanged from June.

Approximately 2,500 deeds in-lieu completed in July, compared to about 2,200 in June – an increase of 14%.

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