Permanent Loan Mods Cross the 6.39 Million Mark in April
HOPE NOW has released its April 2013 loan modification data which has found that an estimated 70,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The April total of approximately 70,000 loan modifications brings the total overall number of permanent loan modifications to 6.39 million.
►Approximately 5.2 million homeowners have received proprietary loan modifications.
►1,190,605 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).
For the month of April:
►An estimated 58,000 homeowners received proprietary loan modifications.
►11,966 homeowners received HAMP modifications.
In the month of April 2013, there were approximately 59,000 foreclosure sales completed, compared to 52,000 completed in March–an increase of 14 percent. Foreclosure starts were approximately 115,000 for the month of April, relatively flat compared to the previous month’s total of approximately 116,000. Short sales for April were approximately 27,000 – similar to March’s total of 28,000. Since HOPE NOW began tracking short sale data in 2009, approximately 1.26 million short sales have been completed. Delinquencies of 60 days or more were at 2.17 million for the month of April, compared to 2.38 million in March–a decline of approximately nine percent. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2013.
Loan modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners. For the month of April:
►Proprietary loan modifications that included fixed interest rates of five years or more accounted for 93 percent (54,000) of the total.
►Proprietary loan modifications with reduced principal and interest monthly payments accounted for 83 percent (48,000) of the total.
►Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 76 percent (44,000) of the total.
“HOPE NOW is proud of the efforts its members have made on behalf of the nation’s homeowners. While there is still work to be done in the housing market, significant progress has been made via loan modifications, short sales and other solutions," said Eric Selk, executive director of HOPE NOW. "Since 2007, HOPE NOW has reported over 7.6 million non-foreclosure solutions. We have hosted over 140 face to face events, including events held on military bases, and we remain committed to working with all stakeholders."
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