Loan Modifications Increase as Foreclosure Sales Decrease

first_img HOPE NOW, the voluntary, private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors, has released its July 2016 loan modification data which stated for the month of July, total non-foreclosure solutions (the combination of total loan modifications, short sales, deeds in lieu and workout plans) were approximately 112,000. This compares to approximately 25,000 completed foreclosure sales for the month. The report states that this is a ratio of more than four mortgage solutions for every foreclosure sale.“As we turn to the second half of 2016, we remain pleased with the commitment of mortgage servicers to assist homeowners who are facing mortgage issues,” Eric Selk, Executive Director of HOPE NOW. “Our latest data report indicates that while delinquency continues to decline to pre-crises norms, there still remains a population of homeowners who need assistance. While our July 2016 data declined in many solution fields compared to the previous month, we are encouraged by the decline of actual foreclosures.”The report states that included in that total solutions figure were an estimated 35,000 permanent loan modifications. This total includes modifications completed under both proprietary programs and the government’s Home Affordable Modification Program (HAMP). Of the permanent loan modifications completed in the month of July, the report shows that an estimated 23,000 were through proprietary programs and 12,081 were completed via HAMP. Additionally, of the 23,000 proprietary modifications completed in July, 46 percent, or 10,437, reduced the monthly principal and interest payment by 10 percent or more. Since HOPE NOW began reporting data in 2007, the total number of non-foreclosure solutions is over 25 million and the number of permanent loan modifications is 7.9 million.“When looking at our July 2016 data compared to a year ago, completed modifications actually increased, so despite various conditions, the situation of thousands of homeowners improved,” says Selk. “The 112,000 foreclosure alternative solutions in July 2016 brings the life to date total since 2007 to approximately 25.5 million solutions. This is nearly four times the number of completed foreclosure sales (6.5 million) in the same time frame.”Approximately 35,000 loan modifications were reported to be completed in July in contrast with 42,000 in June of 2016. This is a decrease of approximately 17 percent. Likewise, approximately 35,000 loan modifications were completed in July 2016 compared to 34,000 in July 2015. This was a reported increase of approximately 3 percent.The report also states that approximately 5,700 short sales were completed in July 2016 compared to 6,300 in the month prior. This represents a decrease of approximately 10 percent. Short sales were reported to have approximately 5,700 completed in July 2016 in contrast to 7,700 in July 2015, a decrease of 26 percent.Approximately 1,400 deeds in-lieu were completed in July. This is a 16 percent decrease from the 1,700 completed in June. Approximately 1,400 deeds in-lieu were completed in July 2016. This is a decrease of 6 percent from 1,500 in July 2015.Foreclosure starts reduced 5 percent month over month to approximately 51,000 in July from 54,000 in June. Foreclosure starts were approximately 51,000 in July 2016 compared to 51,000 in July 2015. This number was reported to be virtually unchanged.Additionally, foreclosure sales were reportedly about 25,000 in July from 29,000 in June. This was a decrease of 12 percent month over month. Likewise, foreclosure sales were approximately 25,000 in July 2016. This is compared to 28,000 in July 2015 which was a decrease of 9 percent.“While the data trends certainly suggest that the market is recovering, there remains areas where assistance is still needed,” says Selk. “HOPE NOW continues to focus our efforts in several of these regions including Florida, Georgia, New Jersey and California. in Daily Dose, Featured, News Loan Modifications Increase as Foreclosure Sales Decrease About Author: Kendall Baer Related Articles Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Foreclosures HOPE NOW Loan Modification Foreclosures HOPE NOW Loan Modification 2016-09-15 Kendall Baer Kendall Baer is a Baylor University graduate with a degree in news editorial journalism and a minor in marketing. She is fluent in both English and Italian, and studied abroad in Florence, Italy. Apart from her work as a journalist, she has also managed professional associations such as Association of Corporate Counsel, Commercial Real Estate Women, American Immigration Lawyers Association, and Project Management Institute for Association Management Consultants in Houston, Texas. Born and raised in Texas, Baer now works as the online editor for DS News. Servicers Navigate the Post-Pandemic World 2 days agocenter_img Sign up for DS News Daily The Week Ahead: Nearing the Forbearance Exit 2 days ago Home / Daily Dose / Loan Modifications Increase as Foreclosure Sales Decrease The Best Markets For Residential Property Investors 2 days ago Previous: Completed Home Flipping at a Six-Year High Next: Freddie Mac Intends to Sell Seventh STACR Offering Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago  Print This Post September 15, 2016 1,970 Views Subscribelast_img read more

Waffle House shooting hero James Shaw meets with Parkland survivors

first_imgJames Shaw Jr.(PARKLAND, Fla.) — The man who pried the burning-hot gun barrel from the mass shooter at a Nashville-area Waffle House last month met with a number of survivors from the massacre at Marjory Stoneman Douglas High School on Saturday.James Shaw Jr. was hailed as a hero after stopping additional deaths and injuries when Travis Reinking allegedly opened fire on restaurant patrons — killing four — in Antioch, Tennessee, on April 22. Reinking has been charged with four counts of criminal homicide and four counts of attempted murder, including against Shaw.Shaw has spent the past few weeks continuing to advocate for the victims of the shooting and against gun violence. That advocacy took him to Parkland, Florida, on Saturday for a meeting with several students who have become prominent advocates for gun control themselves.David Hogg and Emma Gonzalez, who have become outspoken activists in the wake of the Stoneman Douglas shooting, were among the survivors Shaw met with. Seventeen people were shot and killed in an attack on the high school on Feb. 14. Nikolas Cruz, a former student at the school, was charged with 17 counts of murder and 17 counts of attempted murder in the attack.Gonzalez has actually tweeted about Shaw in the past. Rapper Kanye West praised Gonzalez for her activism and called her “my hero” during a bizarre spree of tweets in late April. Gonzalez tweeted that Shaw was her hero, seemingly in response to West’s two tweets praising her.Shaw returned the favor on Saturday, saying Gonzalez was one of his heroes. Gonzalez called the meeting with Shaw “the Most Legendary Breakfast I’ve ever had in my life.”Hogg tweeted of his meeting with Shaw, “Lots of work ahead but the young people will win.”Shaw, a 29-year-old father of two, started a GoFundMe page following the shooting, which has raised over $239,000 for the families of the four people killed in the Waffle House shooting. He had initially set a goal of just $15,000.Hogg and Gonzalez were two of the most prominent organizers of the “March for Our Lives” on March 24. The group organized a massive march in Washington, D.C., as well as satellite events across the U.S. In all, there were marches in all 50 states calling for increased gun control and an end to gun violence.Gonzalez now has 1.4 million followers on Twitter, while Hogg has more than 783,000. Both have used the platform to rally for their cause, while facing criticism and hate campaigns as well.Shaw was wearing a T-shirt labeled “Live,” a shirt sold by the Nashville-based company Live Above, which is donating all profits to the James Shaw Jr. Foundation for the victims of the Waffle House attack, according to ABC affiliate WKRN-TV.In addition to Shaw’s own philanthropy, his alma mater, Tennessee State University, established a scholarship in his name last week.Copyright © 2018, ABC Radio. All rights reserved.last_img read more