Nearly a quarter million homeowners received mortgage loan modifications through HOPE NOW during the first quarter of 2013.  The voluntary private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors operating under that name modified about 203,000 mortgages through proprietary programs and 42,157 through the Home Affordable Modification Program (HAMP). 

There were approximately 84,000 short sales transacted through HOPE NOW in the first quarter, a reduction of 22,000 from the fourth quarter. Since HOPE NOW began tracking the statistic in December 2009 it has arranged 1.23 million short sales.   

Since HOPE NOW was formed in 2007 its members have permanently modified more than 6.32 million mortgages, 5.14 million through proprietary programs and 1.18 million through HAMP.  Combined with short sales the HOPE NOW program has helped a total of 7.6 million homeowners avoid foreclosure.

There were an estimated 162,000 completed foreclosures in the first quarter, down 14 percent from the 188,000 completed in the fourth quarter of 2012 and 22 percent below the 210,000 sales one year earlier.  HOPE NOW points out that short sales and modifications in the first quarter outnumbered foreclosures by two to one.

Foreclosure starts increased in the first quarter by 30 percent, from 362,000 in the fourth quarter to 472,000.  Starts however were well below the 534,000 posted in the first quarter of 2012.

March data for HOPE NOW include 88,000 permanent loan modifications, 77,000 proprietary and 11,913 through HAMP, a 10 percent increase over February. Foreclosure starts were estimated at 116,000 compared to 192,000 in February and foreclosure sales increased by 8 percent over February to 52,000. There were 28,000 short sales in March, up from 26,000 in February.

There were approximately 2.38 million loans that were 60+ days delinquent in March compared to 2.45 million in February, a 3 percent decline.