Home / News / Foreclosure / HOPE NOW: April Workouts Hit New Record
Print This Post Print This Post

HOPE NOW: April Workouts Hit New Record

""HOPE NOW"":http://www.hopenow.com 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.
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).
Under the conventions of HAMP, loans are subject to a three-month trial period before a modification can be completed and, therefore, are classified as repayment plans or trial modifications. As a result, HOPE NOW said, the number of repayment plans increased and the number of modifications decreased from what otherwise might have been recorded. Those workouts that successfully complete the trial period will be formally reported as modifications after 90 days.
According to Faith Schwartz, HOPE NOW’s executive director, the lenders and servicers are working hard to make HAMP a successful weapon in the fight against foreclosures. ""Many HOPE NOW members see HAMP as an important opportunity for homeowners in trouble,"" she said. ""The number of homeowners helped by the industry each month should continue to increase as this program continues to be implemented.""
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.

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
x

Check Also

The Rise of Unconventional Loans

As strict lending requirements put in place following the financial crisis erode, many lenders and borrowers are turning toward non-qualified loans

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.