HOPE NOW reports that its members
completed 78,397 permanent loan modifications during the month of January and 29,244 short sales.
The voluntary, private sector alliance of mortgage servicers, investors,
mortgage insurers, and non-profit counselors have now assisted 6.18 million
distressed homeowners since 2007.
loan modifications completed in January, 63,539 homeowners received proprietary
loan modifications and 14,858 received modifications through HAMP, the Home
Affordable Modification Program. Over the life of the program HOPE NOW has
completed 5,002,409 proprietary modifications and 1,151,340 HAMP modifications
after that program began in the spring of 2009.
For the month of January modifications
completed via proprietary loan modifications that included fixed interest rates
of five years or more accounted for 88% (55,698) of the total while 48,595 loans
or 76 percent included reduced principal and interest payments of more than 10
sales completed in January brought the total accomplished by HOPE NOW to approximately 1,182,283 since December 2009.
Measures of distress in the market
are all declining. Completed
foreclosures sales in January numbered 60,412 compared to 78,734 in January
2012 and foreclosure starts declined 30 percent from one year earlier to
140,482 from 200,447. Loans that were
delinquent for 60 days or more numbered 2.53 million in January 2013 compared
to 2.77 million in January 2012, a decline of almost 9 percent.
Eric Selk, Executive Director of
HOPE NOW said, "Delinquencies and foreclosure sales have gone down
significantly, compared to the same period last year, and that is a testament
to the hard work of the industry, aggressive borrower outreach, better
financial counseling and the multitude of options available borrowers. HOPE
NOW, along with its government and industry partners, has fine-tuned its
borrower outreach efforts, to target markets and population segments that
benefit the most from the wide range of mortgage services offered.
HOPE NOW said it has already held
face-to-face events in two hard hit markets so far this year as well as a
special event in New Jersey for victims of Hurricane Sandy.