Foreclosure Sales Rise in July
HOPE NOW has released its July 2014 loan modification data. An estimated 35,000 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). Since 2007, approximately 7.13 million total homeowners have received loan modifications. This includes approximately 5.7 million proprietary loan modifications and 1,397,498 completed via HAMP. Of the loan modifications completed in the month of July, an estimated 25,000 were through proprietary programs and 10,177 were completed via HAMP. For the month of July, the combination of total loan modifications, short sales, deeds in lieu and workout plans were approximately 157,000. In the month of July, mortgage servicers completed approximately 112,000 workout plans for homeowners. These are non-loan modification, non-foreclosure alternatives that provide short term relief for homeowners who continue to work on permanent options. Repayment plans and liquidation options are part of this category. Completed foreclosure sales increased slightly in July, with approximately 38,400 for the month, compared to 36,800 in June – an increase of four percent. Foreclosure starts remained relatively flat, with 70,400 reported in July compared to 69,400 reported in June. Delinquencies of 60 days or more were under two million for the fifth straight month – at approximately 1.86 million. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the second quarter of 2014. Other Key Metrics: July vs. June ►Loan Modifications: Approximately 35,000 completed in July vs. 38,000 in June – a decrease of approximately eight percent. ►Short sales – Approximately 11,000 completed in July vs. 11,000 in June – unchanged month to month. ►Deed in-lieu: Approximately 2,500 completed in July vs. 2,200 in June – an increase of 14 percent.