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HOPE NOW: 153,000 Foreclosure Prevention Actions Taken in April
Jun 18, 2015

HOPE NOW has released its April 2015 loan modification data. For the month of April, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 153,000. This compares to approximately 32,000 foreclosure sales for the month. Included in that total solutions figure were an estimated 44,000 permanent loan modifications. 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 approaching 24 million and the number of permanent loan modifications is 7.5 million. Of the permanent loan modifications completed in the month of April, an estimated 29,000 were through proprietary programs and 15,425 were completed via HAMP.

“HOPE NOW continues to see declines in overall serious delinquencies each month," said Eric Selk, Executive Director. "In 2010, at the peak of the housing crisis, there were more than four million families behind on their mortgages. That number has been more than cut in half as the industry continues to provide viable mortgage solutions. Loan mods are outpacing foreclosure sales and total non-foreclosure solutions are outpacing those sales by a five to one margin. As many markets continue to recover, HOPE NOW’s members and partners are focused on the regions that are still plagued by large numbers of delinquent borrowers. We have also shifted our efforts to assisting communities with post-crisis issues such as abandoned properties and blight."

Key Metrics: April 2015 vs. March 2015
►Loan Modifications: Approximately 44,000 completed in April vs. 43,000 in March—an increase of approximately three percent.
Short sales: Approximately 8,300 completed in April vs. 8,300 in March—unchanged.
Deed in-lieu: Approximately 2,000 completed in April vs. 1,900 in March—an increase of five percent.
Foreclosure starts: Approximately 59,000 in April vs. 78,000 in March—a decrease of 24 percent.
Foreclosure sales: Approximately 32,000 in April vs. 31,000 in March—a slight increase of one percent.
Serious delinquencies: Approximately 1.78 million in April vs. 1.81 million in March—a decrease of two percent. 

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