Skip to main content

HOPE NOW Reports 34,000 Loan Mods Granted Nationwide in February
Apr 17, 2015
Foreclosure Notice

HOPE NOW has released its loan modification data, which found that total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) in the month of February, were approximately 147,000. This compares to approximately 28,000 foreclosure sales for the month. Included in that total solutions figure were an estimated 34,000 permanent loan mods. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Since HOPE NOW began reporting data in 2007, the total number of non-foreclosure solutions is 23.5 million and the number of permanent loan modifications is 7.4 million. Of the permanent loan modifications completed in the month of February, an estimated 24,000 were through proprietary programs and 10,074 were completed via HAMP.

“Non-foreclosure solutions outpaced foreclosure sales by more than a five to one margin in the month of February," said Eric Selk, executive director of HOPE NOW. "This has been a fairly consistent trend for the past year and illustrates the availability of various long term and short term solutions that benefit homeowners. The volume of solutions, including loan modifications, has remained consistent even though serious mortgage delinquencies fell to its lowest level since HOPE NOW began tracking data. Our industry members comprehensively review all at-risk families for multiple options, when going through the loss mitigation process, and attempt to apply the most viable solution for each situation."

Key metrics found in HOPE NOW's studies, a month to month comparison from February vs. January, include:

Loan modifications: Approximately 34,000 completed in February vs. 35,000 in January—a decrease of approximately three percent.
Short sales: Approximately 7,500 completed in February vs. 7,700 in January—a decrease of three percent.
Deed in-lieu: Approximately 1,800 completed in February vs. 2,000 in January—a decrease of 10 percent.
Foreclosure starts: Approximately 66,000 in February vs. 80,000 in Januarya decrease of 18 percent.
Foreclosure sales: Approximately 28,000 in February vs. 36,000 in Januarya decrease of 22 percent.
Serious delinquencies: Approximately 1.85 million in February vs. 1.90 million in January—a decrease of three percent.

Apr 17, 2015
CHLA Advocates Attorney Opinion Letters As Alternatives To Title Insurance

CHLA asks FHFA to explore use of the letters.

Dec 06, 2023
Helping the H.E.L.P.E.R.s

Federal bill poised to open up market to more teachers, first responders

Dec 01, 2023
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023