Mortgage delinquencies and foreclosures were on the way down, and mortgage help on the way up during the second quarter of 2016 according to the latest report issued by HOPE NOW.
Approximately 120,000 homeowners received mortgage assistance during the 2Q 2016. Serious delinquencies dropped 10% from 1.72 million in first quarter to 1.54 million in the second quarter, and foreclosure sales declined 10% as well from 91,000 in the first quarter to 81,000 in the second quarter.
Eric Selk, Executive Director for HOPE NOW had issued this statement about the report;
“The Q2-2016 data report confirms the continuous decline of serious delinquency rates across the country. With the lowest reported total to date (1.54 million), markets continue to make recovery from the housing crisis. For those homeowners who still face struggles with affording their mortgage, there are a plethora of options available to them. HOPE NOW servicers remain committed to assisting homeowners avoid foreclosure.
The 335,000 non-foreclosure solutions that servicers offered in Q2 is a testament to the assistance that is still being offered. Completed foreclosure sales remain on a consistent decline and the 150,000 homeowners that entered foreclosure in April – June is the lowest quarterly reported total. Despite starting foreclosure, these borrowers will be reviewed for numerous retention and non-retention options before foreclosure is completed.”
This graph shows the numbers in detail:
Here are some key loan modification metrics from HOPE NOW:
* 16,008 HAMP permanent modifications
* 9,764 HAMP trial modification
* 25,866 proprietary modifications
* 67,507 non-HAMP mortgage solutions
See the full HOPE NOW report at this link.