The April 2013 Mortgage modification data released by HOPE NOW has determined that an estimated 70,000 homeowners received permanent, affordable Mortgage modifications from mortgage servicers during the month. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). The April total of approximately 70,000 Mortgage modifications brings the total overall number of permanent Mortgage modifications to 6.39 million.
Meanwhile, for the month of April 2013, there were approximately 59,000 foreclosure sales completed. Compare that to 52,000 completed in March and that’s increase of 14 percent. Foreclosure starts were approximately 115,000 for the month of April. That’s relatively flat compared to the previous month’s total of approximately 116,000. Short sales for April were approximately 27,000. This is very similar, though a little lower, to March’s total of 28,000.
Delinquencies of 60 days or more were at 2.17 million for the month of April, compared to 2.38 million in March. This is a decline of approximately 9 percent in just a month. Delinquency data is extrapolated from data received by the Mortgage Bankers Association for the first quarter of 2013.
Additionally, we are happy to report that Mortgage modifications completed via proprietary programs once again showed characteristics of sustainability and affordability for homeowners. For the month of April, we saw proprietary Mortgage modifications that included fixed interest rates of five years or more accounted for 93 percent (54,000) of the total. Moreover, proprietary Mortgage modifications with reduced principal and interest monthly payments accounted for 83 percent (48,000) of the total and proprietary Mortgage modifications with reduced principal and interest payments of more than 10% accounted for 76 percent (44,000) of the total.
HOPE NOW is a trusted source when it comes to numbers. They are proud of the efforts its members have made on behalf of the nation’s homeowners. While there is still work to be done in the housing market, significant progress has been made via Mortgage modifications, short sales and other solutions.