Skip to main content

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

NationalMortgageProfessional.com
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. 

Published
Jun 18, 2015
Planet Home Lending Reports Q3 Gains In Asset Management, Servicing And Originations

The Planet Home Financial Group, LLC, parent company of Planet Home Lending, LLC and Planet Management Group, LLC reported steady growth across its servicing, correspondent and private-client channels.

Industry News
Oct 26, 2021
CFPB, DOJ And OCC Hit Trustmark National Bank For 'Deliberate' Redlining

The Consumer Financial Protection Bureau and U.S. Department of Justice, in conjunction with the Office of the Comptroller of the Currency are taking action against Trustmark National Bank for alleged redlining violations.

Industry News
Oct 25, 2021
Reports: Evergrande Group Makes $83.5M Interest Payment

Faltering Chinese development firm fends off default with payment to international bondholders.

Industry News
Oct 22, 2021
FAR Establishes Borrower Engagement Division

Finance of America Reverse LLC announced its formally established Borrower Engagement Division.

Industry News
Oct 22, 2021
Automating Appraisals No Panacea For Removing Bias

With racism 'grandfathered in' to housing prices in minority neighborhoods, a solution to 'unconscious bias' is difficult to find

Industry News
Oct 21, 2021
Reports: Evergrande Group Arranges Bond Extension

Reuters, REDD say company's billionaire chairman has agreed to provide additional collateral to ensure a construction project tied to a $260M bond is completed.

Industry News
Oct 21, 2021