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Approximately 117,000 non-foreclosure solutions—including total loan modifications, short sales, deeds in lieu and workout plans—were executed in April, according to new data from HOPE NOW.
Within the non-foreclosure total, there were 31,000 completed loan modifications in April, 6,300 short sales, 1,700 deeds in lieu, 50,000 foreclosure starts and 28,000 foreclosure sales. Approximately 1.64 million properties were considered to be seriously delinquent, roughly one percent below the previous month.
Eric Selk, HOPE NOW’s executive director, observed that his coalition achieved more than 25 million mortgage solutions since July 2007, but he warned that more work was required.
“It is critical that these efforts continue and that early intervention ensues before the homeowner becomes severely delinquent,” Selk said. “Our data indicates that early intervention is assisting with market recovery, as serious delinquency numbers continue to decline. 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. Our face to face outreach efforts have already helped borrowers in Tampa, Camden and Jacksonville so far this year—with over 500 in attendance. Future events are being planned for Queens and Bronx, N.Y., on July 13 and 14, Atlanta, Houston, Miami and Riverside.”