Magazine article Mortgage Banking

Non-Foreclosure Help Outpaces Foreclosure Sales in February

Magazine article Mortgage Banking

Non-Foreclosure Help Outpaces Foreclosure Sales in February

Article excerpt

Washington, D.C.-based HOPE NOW SS reported that for the month of February, total non-foreclosure solutions outpaced foreclosure sales by three to one. The total number of foreclosure sales for the month tallied up to roughly 28,000 while non-foreclosure remedies totaled about 97,000. Included in that number are loan modifications, short sales, deeds in lieu and workout plans.

HOPE NOW is a voluntary private-sector alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors.

The February report included an estimated 27,000 permanent loan modifications. Of that number, roughly 19,000 were done through proprietary modification programs while 8,162 were done through the Home Affordable Modification Program (HAMP).

Eric Selk, HOPE NOW executive director, offered this statement on the February results: "The volume of non-foreclosure solutions (97,000) compared to the number of foreclosure sales (28,000) illustrates the hard work that servicers continue to perform with borrowers who are struggling with their mortgage. Solutions, including loan modifications, have remained consistent even though serious mortgage delinquencies fell to one of the lowest levels since HOPE NOW began tracking data. …

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