HOPE NOW has announced that an estimated 43,000 homeowners received permanent, affordable loan modifications via proprietary programs from mortgage servicers during April.
According to HOPE NOW, the April data showed slight declines in foreclosure sales: In April, there were approximately 60,000 completed foreclosure sales, compared to 66,000 in March. Proprietary loan modifications were approximately 43,000, down from 47,000 in March – a decline of 8%.
Completed foreclosure sales were approximately 60,000, down from 66,000 in March – a decline of 10%. Foreclosure starts remained relatively flat at approximately 177,000, compared to 178,000 in March.
Loan modifications with reduced principal and interest payments accounted for approximately 83% (36,000) of all proprietary modifications. Loan modifications with reduced principal and interest payments of 10% or greater accounted for approximately 76% (33,000) of all proprietary modifications.
HOPE NOW's reported data for April does not include loan modifications completed under the Home Affordable Modification Program – that data has not yet been reported by U.S. Department of the Treasury for the month.