first_img Tagged with: HOPE NOW Loan Modifications HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, recently released its August 2016 loan modification data which shows that close to 119,000 homeowners avoided foreclosure and received a mortgage solution.“As the August HOPE NOW data report indicates, the housing market continues to normalize and move towards pre-crisis levels,” says Eric Selk, Executive Director for HOPE NOW. “We are extremely pleased to see the industry remain committed to preserving homeownership and helping homeowners avoid foreclosure. The mortgage industry hit a momentous milestone in August. Eight million permanent modifications have been reached since 2007. This is a huge accomplishment by the industry and illustrates the continued work that mortgage servicers are doing to assist those in need.”Total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) increased 6 percent from July 2016. With approximately 36,000 completed in August, an increase of approximately 11 percent was also seen year-over-year. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP).Of the permanent loan modifications completed, HOPE NOW reports that an estimated 25,000 were through proprietary programs and 10,610 were completed via HAMP.“As permanent modifications remain steady, homeowners are also receiving more ‘upstream’ solutions,” says Selk. “Solutions such as repayment plans and other retentions options being offered to those with short-term delinquency issues. Our members are not only focused on offering viable solutions for at-risk borrowers, but fulfilling quicker results at the time of delinquency.”Total permanent modifications completed reached 8 million, and of that number, approximately 6.4 million have been proprietary modifications. The remaining 1,644,427 have been completed via HAMP.“Serious delinquency still affects more than 1.5 million borrowers – something that everyone should be paying attention to – although this number is close to pre-crisis figures,” says Selk. “As part of an effort to engage more effectively with communities, HOPE NOW continues to host housing roundtables and face-to-face outreach events. Just recently, HOPE NOW hosted its second community roundtable of 2016 in Tampa, Florida (first one in Orange County, California). In partnership with Congresswoman Kathy Castor, HOPE NOW held a roundtable with 50 local housing partners in the Tampa area. Topics of discussion included access to mortgage credit, state of housing, and local assistance programs.”To view the full report from HOPE NOW, click HERE.  Print This Post Demand Propels Home Prices Upward 2 days ago Related Articles HOPE NOW Loan Modifications 2016-10-20 Kendall Baer in Daily Dose, Featured, News The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Industry Hits A “Momentous Milestone” for Loan Modifications About Author: Kendall Baer Subscribe Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. October 20, 2016 2,251 Views Demand Propels Home Prices Upward 2 days ago Previous: The Importance of Spotting (and Curing) Title Defects Before they Rear their Ugly Head Next: Why Are Mortgage Delinquencies Spiking Among Older Americans? Data Provider Black Knight to Acquire Top of Mind 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Sign up for DS News Daily Home / Daily Dose / Industry Hits A “Momentous Milestone” for Loan Modificationslast_img

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