Magazine article Mortgage Banking

Total Non-Foreclosure Solutions since 2007 Help 23 Million

Magazine article Mortgage Banking

Total Non-Foreclosure Solutions since 2007 Help 23 Million

Article excerpt

Millions of borrowers since the foreclosure crisis ramped up in 2007 have been able to avoid foreclosure through a combination of loan modifications, short sales, deeds in lieu of foreclosure and loan-workout plans, according to new numbers from HOPE NOW, Washington, D.C.

For 2014--through November--non-foreclosure solutions outpaced foreclosure sales by roughly four to one (1.7 million non-foreclosure solutions versus 426,000 foreclosure sales).

HOPE NOW, the voluntary private-sector alliance of servicers, investors, mortgage insurers and nonprofit counselors, reported that since 2007 a total of 23 million borrowers have avoided foreclosure using the full menu of foreclosure-prevention solutions.

For the month of November alone, an estimated 34,000 borrowers received permanent loan modifications from servicers. Of those, an estimated 23,000 were through proprietary industry programs and 11,003 were through the Home Affordable Modification Program (HAMP). In October, the total number of permanent loan modifications completed was 39,000. The November total was down by roughly 14 percent from the prior month.

HOPE NOW reported that the 28,000 foreclosure sales recorded for the month of November was the lowest number since it began recording data in 2007. …

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