HOPE NOW has released its April 2014 loan modification data, finding that 7.02 million American homeowners have received a loan modifications since the first data report was released in 2007. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).
Approximately 5.65 million homeowners have received proprietary loan modifications since 2007 and 1,364,674 homeowners have received HAMP modifications (Note: HAMP reporting began in 2009).
For the month of April, an estimated 42,000 homeowners received permanent, affordable loan modifications from mortgage servicers. Of these modifications, approximately 30,000 were through proprietary programs and 11,813 were completed via HAMP.
Foreclosure Starts Decline, Sales Remain Flat
Foreclosure starts declined in April, with approximately 65,000 for the month, compared to 70,000 in March – a decrease of eight percent. Completed foreclosure sales remained relatively flat, with 40,000 reported in April compared to 39,000 reported in March.
Serious Delinquencies Remain Below Two Million
Delinquencies of 60 days or more were under two million for the second straight month – at approximately 1.93 million. For comparison purposes, there were 4.13 million homeowners in 60+ day delinquency in December of 2009 – more than twice the current number. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2014.
Other Key Metrics: April vs. March
►Loan Modifications: Approximately 42,000 completed in April vs. 45,000 in March – a decrease of approximately seven percent.
►Short sales – Approximately 12,000 completed in April vs. 11,000 in March – an increase of 11 percent.
►Deed in-lieu: Approximately 2,800 completed in April vs. 2,500 in March – an increase of 11 percent.