Hope Now: Latest Monthly Mod Data Show an Increase
The latest monthly numbers released by Hope Now servicer alliance show 74,000 modifications completed under both the Home Affordable Modification Program and proprietary programs in May, up from 70,000 the previous month.
The majority of the mods done continued to be proprietary, but the number of HAMP mods did increase somewhat during the month.
An estimated 58,000 homeowners received proprietary mods, while an estimated 15,571 received HAMP mods, up from 11,970 in April. Most of the proprietary mods had fixed interest rates of five years or more and/or included a reduction in principal and interest payments.
Foreclosure sales were down 18.7% from the previous month as of May, when there were about 48,000 completed, compared to about 59,000 in April.
Foreclosure starts also dropped in May but by just 2.5%. About 115,000 were recorded during the month compared to 118,000 in April.
Short sales increased during May, rising to about 28,000 from 27,000.
Delinquencies of 60 days or more extrapolated from the Mortgage Bankers Associationís first-quarter data were 2.22 million, up 3% from 2.17 million in April.