The mortgage lending industry helped 310,000 homeowners complete workout solutions to stay in their homes in June, HOPE NOW reported today. This is a 25% increase over May.In June, HOPE NOW members and the mortgage lending industry modified 96,000 mortgages, 5.1% down from May’s 101,000. They also initiated 214,000 repayment plans, up 44.9% from May’s 148,000.Since last January, more than 1.5 million homeowners have been helped through mortgage workout plans.HOPE NOW’s participating servicers reported a slight drop in modifications and more than a 40% increase in repayment plans, mainly attributed to servicer participation in Home Affordable Mortgage Modification Program (HAMP).Under federal requirements for HAMP, loans are subject to a three-month trial period before a modification can be completed. This means that a number of workouts that will end up being modifications can only be reported as repayment plays or trial modifications for the time being. June saw 93,924 foreclosure sales, up 13% from May. Prime foreclosure sales in June outpaced subprime sales by two-to-one for the first time since HOPE NOW began collecting data.The organization’s new survey suggests a peak in subprime foreclosure sales occurred 2Q08, and that the largest gain in reported prime loan foreclosure sales occurred in 2Q09 at 154,108.The HOPE NOW June data also shows that 60-day plus delinquencies increased from 3.0 to almost 3.1 million, foreclosure starts decreased from 257, 000 in May to 254,000 in June, and completed foreclosure sales increased from 83,000 in May to 94,000 in June.
The mortgage lending industry helped 310,000 homeowners complete workout solutions to stay in their homes in June, HOPE NOW reported today. This is a 25% increase over May.
In June, HOPE NOW members and the mortgage lending industry modified 96,000 mortgages, 5.1% down from May’s 101,000. They also initiated 214,000 repayment plans, up 44.9% from May’s 148,000.
Since last January, more than 1.5 million homeowners have been helped through mortgage workout plans.
HOPE NOW’s participating servicers reported a slight drop in modifications and more than a 40% increase in repayment plans, mainly attributed to servicer participation in Home Affordable Mortgage Modification Program (HAMP).
Under federal requirements for HAMP, loans are subject to a three-month trial period before a modification can be completed. This means that a number of workouts that will end up being modifications can only be reported as repayment plays or trial modifications for the time being.
June saw 93,924 foreclosure sales, up 13% from May. Prime foreclosure sales in June outpaced subprime sales by two-to-one for the first time since HOPE NOW began collecting data.
The organization’s new survey suggests a peak in subprime foreclosure sales occurred 2Q08, and that the largest gain in reported prime loan foreclosure sales occurred in 2Q09 at 154,108.
The HOPE NOW June data also shows that 60-day plus delinquencies increased from 3.0 to almost 3.1 million, foreclosure starts decreased from 257, 000 in May to 254,000 in June, and completed foreclosure sales increased from 83,000 in May to 94,000 in June.
