HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, released its May 2014 loan modification data. An estimated 37,000 homeowners received permanent, affordable loan modifications from mortgage servicers during the month.
This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).
According to the Data Report, since 2007, approximately 7.05 million total homeowners have received loan modifications. This includes approximately 5.7 million proprietary loan modifications and 1,376,448 completed via HAMP (Note: HAMP reporting began in 2009).
Of the loan modifications completed in the month of May, an estimated 25,000 were through proprietary programs and 11,774 were completed via HAMP.
For the month of May 2014, the combination of total loan modifications, short sales, deeds in lieu and workout plans outpaced foreclosure sales by a margin of almost four to one (approximately 151,600 solutions vs. 39,700 foreclosure sales).