Report: Mortgage modifications outpacing foreclosure sales
WASIHNGTON (8/25/15)--Mortgage loan modifications occurred more frequently than foreclosure sales in the second quarter of 2015, according to a report in National Mortgage News.
The numbers from HOPE NOW, an industry association of counselors, mortgage companies, investors, regulators and other mortgage market participants, show the mortgage industry completed 411,000 loan modifications in the second quarter that did not involve a foreclosure.
The quarterly total also includes 113,000 permanent loan modifications and 24,000 short sales. The other modifications include repayment plans, deeds-in-lieu, retention plans and liquidation plans.
The total number of total modifications represents a 7% decline from the first quarter of 2015, and the permanent loan modifications represent a 2% drop from the previous quarter.
According to HOPE NOW, the industry has completed 24 million workout plans and 6 million proprietary loan modifications since 2007.