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Non-foreclosure solutions outnumbered foreclosure sales by a four-to-one ratio in May, according to new data released by HOPE NOW.
During May, there were a total of 105,000 non-foreclosure solutions versus 27,000 foreclosure sales. Within the non-foreclosure solutions, there were approximately 29,000 loan modifications, 6,200 completed short sales, 1,700 completed deeds in-lieu and 51,000 foreclosures starts. There were approximately 1.62 million properties in serious delinquency in May, a one percent decline from the 1.64 million rate in April.
Eric Selk, HOPE NOW’s executive director, praised the May data as “evidence of the wide breadth of options available to homeowners in both the short and long term,” adding that these numbers show “shows the mortgage servicers’ dedication to helping homeowners stay in their home. This end goal is something that all organizations in the industry can be proud of.”