HOPE NOW, the private sector association of mortgage servicers, announced Thursday that it had helped approximately 63,000 homeowners modify their mortgages in July. HOPE NOW has helped 6.6 million homeowners modify their mortgages since 2007.
“HOPE NOW is currently in its sixth year of existence and our members and partners still remain committed to helping homeowners find viable, sustainable mortgage solutions,” said Erik Selk, the group’s executive director. “Our July data shows a consistent trend, month over month, pointing toward market stabilization. Loan modification and short sales continue to outpace foreclosure sales.”
HOPE NOW’s data showed that foreclosure sales decreased approximately 80,000 from the same time last year. Proprietary loan modifications that included fixed interest rates of five years or more accounted for 99 percent of the total. Proprietary loan modifications that featured reduced principal and interest payments accounted for 82 percent of the total. HOPE NOW will be hosting events in Philadelphia and Ft. Lauderdale, Florida, in October and November.