HOPE NOW Completes 768,000 Modifications

HOPE NOW Completes 768,000 Modifications

HOPE NOW, a voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers, and non-profit counselors, released a press release Thursday outlining its loan modification data from 2013. In total, 768,000 homeowners received loan modifications from HOPE NOW in 2013.

The figure can be broken down by mortgage servicers and Home Affordable Modification Program (HAMP) modifications, with mortgage servicers providing 592,853 modifications and HAMP rounding out the difference with 175,076 modifications.

“The mortgage industry is able to provide at-risk homeowners with a multitude of solutions, which has resulted in more sustainable outcomes,” said HOPE NOW executive director, Eric Selk. “HOPE NOW is proud of the hard work that its members and partners bring to the table as they assist families with their mortgage challenges.”

Mortgages that are 60 days or more delinquent declined in 2013, from 2.52 million in 2012, to 2.19 million in 2013, representing a 13 percent drop.

Total loan modifications have fallen over the past year by 11 percent. The release cited the slowing rate of foreclosure starts and sales as the primary reason for the downward trend in modifications.

Foreclosure starts were down 33 percent, and foreclosure sales down 20 percent.

Since its inception in 2007, HOPE NOW has completed 6.84 million loan modifications.

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