Hope Now Finally Making Headway
May 29th, 2009 Categories: Pre Foreclosures, Real Estate News
HOPE NOW announced this week that 270,000 homeowner solutions were completed in April. This is the largest number of workouts in any month since HOPE NOW began to compile data.
HOPE NOW’s data also showed that the number of home loans 60-plus days delinquent was the same in April as in March, at just under three million. While foreclosure sales increased, from 53,000 in March to 65,000 in April, foreclosure starts dropped by more than 16 percent.
Last month, HOPE NOW members and the mortgage lending industry modified 127,000 mortgages and completed 143,000 repayment plans. Compared to March, modifications dropped slightly, while payment plans increased. HOPE NOW explained that the reversal in numbers was partially caused by the industry beginning to implement the Obama administration’s Home Affordable Modification Program (HAMP).
The increase in repayment plans recorded in April is due, in part, to the first trial modifications completed under the administration’s program,” says HOPE NOW’s chief statistician, Michael Bright, referring to the Home Affordable Modification Program (HAMP). “Assuming borrowers complete the trial period successfully as mandated by the government, these loans will eventually be recorded as having been modified.”
