Underwater Homeowners are Receiving Loan Mods

By Liz Clinger Updated on 7/10/2012

Hope Now announced on Monday that in the month of May about 63,000 owners of homes modified their loans while 38,000 short sales have been finalized.

This data has been collected since 2007 by nonprofits, servicers of mortgage, investors, and insurers who have worked together to form Hope Now.

The numbers collected by Hope Now show that 45,000 of the 63,000 (a little over 70%) of the loan modifications finalized in May utilized programs with proprietary loans while the other 17,590 used Home Affordable Mods.  

From their findings, Hope Now tells us that 6.43 million dollars are spent on anti-foreclosure aid and loan mods from 2007 to date. Also, Hope Now reports that the count on short sale homes from 2009 to 2012 is at 906,000.

In their latest documentation, Hope Now reports from April to May, foreclosure starts increased from 177,000 to 204,000. Also, concluded sales of foreclosed homes went from 60,000 in April and heightened in May to 65,000.