HOPE NOW has released its April 2012 loan modification data, which has found that an estimated 43,000 homeowners received permanent, affordable loan modifications via proprietary programs from mortgage servicers during the month. The reported data for April does not include loan modifications completed under the Home Affordable Modification Program (HAMP). That data has not yet been reported by U.S. Department of the Treasury for the month. Since 2007, approximately 5.46 million permanent solutions have been offered to homeowners nationwide.
The April data showed slight declines in foreclosure sales as well for the month, compared to estimates from the previous month. In April, there were approximately 60,000 completed foreclosure sales, compared to 66,000 in the month of March.
"The focus remains on streamlining complex and cumbersome processes, improving communication between all parties and enhancing the customer experience," said Faith Schwartz, executive director of HOPE NOW. "There are significant tools and resources available to homeowners, and all stakeholders involved are committed to educating homeowners on all available alternatives to foreclosure whenever possible."
Delinquencies of 60 days or more remained relatively flat for the month at 2.52 million. Delinquency data is extrapolated from data received by the Mortgage Bankers Association (MBA) for the first quarter of 2012.
Highlights of the April 2012 data:
►Proprietary loan modifications were approximately 43,000, down from 47,000 in March—a decline of eight percent.
►Completed foreclosure sales were approximately 60,000, down from 66,000 in March—a decline of 10 percent.
►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 percent (36,000) of all proprietary modifications.
►Loan modifications with reduced principal and interest payments of 10 percent or greater accounted for approximately 76percent (33,000) of all proprietary modifications.
►Fixed-rate modifications (initial fixed period of five years or more) accounted for 89 percent (38,000) of all proprietary modifications.
►Sixty-plus days delinquencies were flat at approximately 2.52 million, compared to 2.54 million in March.
