HOPE NOW Continues Modifications and Outreach as Foreclosure Sales Ebb

Mortgage loan modifications completed through HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, totaled 81,351 in February, a 6 percent increase from modifications done in January.  Proprietary modification accounted for 65,965 of the modifications and 15,386 were done through the Home Affordable Mortgage Program (HAMP.)

Since the HOPE NOW alliance was formed in 2007 it has facilitated 6.23 million loan modifications 5.07 million of which were proprietary and 1.167 million done through HAMP.

There were 49,135 foreclosure sales completed in February compared to 62,395 in January, a decrease of 21 percent.  This was the lowest number of monthly foreclosures since HOPE NOW reported 47,378 in December 2007. Foreclosure starts, however, were up 16 percent from January to an estimated 167,232

 Over 1.2 million short sales have been completed since HOPE NOW began tracking them in 2009.  There were 26,388 such sales in February and a total of 50,036 thus far in 2013.

Loan modifications completed via proprietary programs with fixed interest rates of five years or more accounted for 92 percent of all modifications in February and those with reduced principal and interest monthly payments accounted for 86% (56,837).  Principal and interest payments were reduced by more than 10% in 79% (52,145) of the modifications.

Eric Selk, HOPE NOW's Executive Director said of February's data, "These results are a testament to the hard work being done on behalf of the nation's homeowners. There are more options than ever before and the goal is to offer viable, realistic and sustainable solutions."

HOPE NOW holds a number of face to face borrower events in co-sponsorship with Making Home Affordable and key local partners. So far in 2013, over 2,700 homeowners have attended mortgage assistance events.  The alliance also continues to work with its military partners to find efficient ways to assist military service members affected by Permanent Change of Station and the recent Federal sequestration."