HOPE NOW: Industry modified 134,000 mortgages in MarchMortgagePress.comHOPE NOW, foreclosures, loan modifications, statistics, Homeowner Affordability and Stability Plan, Faith Schwartz
HOPE NOW, the private sector alliance of mortgage servicers,
non-profit counselors, and investors that has been working
aggressively to prevent foreclosures and keep homeowners in their
homes, today announced that its members and the larger mortgage
lending industry modified 134,000 mortgages in March.
This was the second consecutive month the lending industry
completed this many modifications. Since September 2008, the
industry has been averaging 116,000 modifications per month.
The industry also completed 115,000 repayment plans in March, up
slightly from February. The combination of 134,000 mortgage
modifications and 115,000 repayment plans means that, in March
2009, HOPE NOW members and the larger mortgage lending industry
provided 249,000 homeowner solutions through these two options.
The HOPE NOW March data does not specifically break out the
impact of the Obama administration's recently announced Homeowner
Affordability and Stability Plan, which has just begun to be
implemented.
According to Faith Schwartz, HOPE NOW's executive director, "The
lending industry is steadily working out solutions for homeowners
and keeping as many as possible in their homes," she said. "I
expect that these numbers will continue to increase as servicers
work with the Obama Administration to implement its Homeowner
Affordability and Stability Plan," she added.
The HOPE NOW March data shows:
• Modifications were more than half of all solutions
provided to homeowners.
• The number of completed foreclosure sales declined by 39
percent, from 87,000 to 53,000 in March, the lowest number since
December 2007.
• Foreclosure starts, increased from 243,000 in February
to 290,000 in March. This is the highest number of initiated
foreclosure actions since HOPE NOW began tracking data in 2007 and
is a 20 percent increase from February.
Michael Bright, HOPE NOW's chief statistician, said the sharp
reduction in completed foreclosure sales in March may have been
because servicers allowed troubled loans to be run through the HASP
program. "It's too early to say this is a trend," he said. "But
anecdotal reports from servicers do indicate that they are taking
this extra step to help homeowners who qualify stay in their
homes."
HOPE NOW continues to reach borrowers through millions of
letters; A new, enhanced Web site at www.hopenow.com; and homeowner
outreach events across the country. HOPE NOW most recently held
events in Atlanta, Miami and Charlotte, NC. The next outreach event
is scheduled for Cleveland, Ohio, on May 7, 2009. A summary table
of the results can be found by clicking here.
For more information, visit www.hopenow.com.
