Loan Modifications Outpaced Foreclosure Sales in July
Loan modifications, short sales and other mortgage workouts outpaced the total number of foreclosure sales in July, according to the Hope Now alliance.
Modifications that include short sales, deeds-in-lieu, loan modifications and workouts totaled about 122,000 in July, compared to 29,000 foreclosure sales. That compares to 157,000 loan modifications for July 2014 and 39,500 foreclosure sales.
A total of 33,000 permanent loan modifications were completed in July, including those completed under the Home Affordable Modification Program.
The number of short sales in July fell 29% compared to July 2014. Deeds-in-lieu declined by about 26%, foreclosure starts fell about 25% and foreclosure sales fell about 26%.