Through the HOPE NOW program, more than 5.66 million homeowners have secured affordable home loan modifications, according to recent data from the Making Home Affordable and HOPE NOW organizations.
In July, loan modifications jumped 43% from June’s figures, bringing the total number of permanent loan modifications since 2007 to 5.66 million. This includes 4.62 million homeowners who received proprietary modifications through July and 1.04 million homeowners with HAMP modifications through the end of June. According to a recent article from Mortgage News Daily, HOPE NOW has completed 451,000 modifications, not including HAMP data.
In addition to providing millions of homeowners with permanent home loan modifications, HOPE NOW also facilitated 36,260 short sales during the month, bringing the total number of these sales to 974,000 since 2009. These short sales combine with the modifications to make 6.63 million homeowners helped through the HOPE NOW program. Through this program, homeowners found permanent solutions to avoid foreclosure.
Foreclosure sales increased from June to July, giving hope that the inventory of distressed and discounted homes may soon be narrowing. Mortgage News Daily recently reported that foreclosure sales were initiated on 164,593 loans in July compared to 156,945 in June, an increase of 5 percent. There were 63,527 foreclosure sales compared to 63,810 in June.
To learn more about HOPE NOW, visit www.hopenow.com.