Seattle Times Article on Upside Down Home Values in Our Area: http://www.seattletimes.com/business/real-estate/local-home-sales-slow-median-prices-edge-lower-in-september
HOPE NOW Hits 24 Million Mark Assisting with Troubled Mortgages
By John Voket
A while ago, I announced the formation of HOPE NOW, an alliance between counselors, mortgage companies, investors, regulators and other mortgage market participants.
This innovative alliance was encouraged by The Department of the Treasury and the U.S. Department of Housing and Urban Development to bring together diverse stakeholders to address challenges in the mortgage market and create collaborations to solve problems.
HOPE NOW servicers reported almost two million solutions in 2014 in states from California, and New York, to Nevada, Oregon, Virginia, and Washington.
And the organization just released its second quarter 2015 data, which shows that since 2007 the mortgage industry has completed a total of 24 million workout plans and six million proprietary loan modifications for homeowners – reaching another milestone in its efforts to assist families with troubled mortgages.
Between last April and June, approximately 411,000 homeowners received non-foreclosure solutions from mortgage servicers, and non-foreclosure solutions outpaced completed foreclosure sales by a margin of more than four to one (411,000 solutions, vs. 89,000 foreclosure sales).
This is due to the fact that there are several long term and short term solutions available to at-risk homeowners when facing delinquency or foreclosure. Permanent loan modifications in Q2 2015 totaled approximately 113,000 and short sales totaled 24,000.
While other non-foreclosure solutions (including repayment plans, deeds in lieu, other retention plans and liquidation plans) made up the rest of the total number.
When homeowners do not qualify for long term permanent loan modifications, mortgage servicers continue to look for short term options that, in many cases, lead to a permanent solution.
Learn how HOPE NOW might be able to help you or someone you know, or just view the agency’s latest full data set here.
If you want more information on your home value contact me. Judy Gratton 206-276-3289