More Homeowners Received Loan Modifications in January: Hope Now

March 19, 2014
American Banker 
mortgage lending news
The mortgage industry group Hope Now reports that loan modifications rose 2 percent in January from December. About 44,000 homeowners received workouts, including 29,000 who received proprietary loan modifications and 15,729 who received modifications through the Home Affordable Modification Program.

Short sales declined 21 percent to 11,742 in January. Also, foreclosure starts fell 5 percent to 75,000; while foreclosure sales rose 25 percent to 48,000. "At the end of the day, the number of modifications and short sales is generally more than foreclosure sales, which shows progress," said Hope Now spokesman Brad Dwin. He also noted that serious delinquencies are below the 2 million threshold for the first time since the financial crisis.

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