Loan Modifications Outpaced Foreclosure Sales in July

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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%.

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