Short sales and loan modifications continue to increase. Over the past six years, Hope Now member servicers found 6.15 million loan modifications completed. Hope Now is an organization that aligns the efforts of investors, servicers, insurers, and nonprofit counselors to benefit troubled homeowners.

Here are some statistics as compiled by Hope Now:

  • 78,397 loan modifications were delivered in January 2013
  • 29,244 short sales were delivered in January 2013
  • 64,000 of those loan modifications were propriety or internal programs
  • 14,858 of those loan medications went through Home Affordable Modification Program (HAMP)
  • 55,698 loan modifications from January 2013 were proprietary mods with fixed-interest rates of 5+ years
  • 54,113 of the modified loans included reduced monthly interest-payments and reduced principal
  • 5 million proprietary loan mods have been granted since 2007
  • Another 1.15 million proprietary loan mods went through HAMP since 2007
  • 1.18 million short sales have been completed since December 2009

Data from Hope Now also suggests that foreclosures, while still prominent, may be on the decline. The sale of foreclosures fell 23% from the previous year. Foreclosure starts are also on the decline, with a 30% decrease from 2012.

With the abundance of foreclosures, short sales, and loan modifications, comes the eminent paperwork for each individual case. With changing regulations today’s attorneys and mortgage professionals need to be certain about continuity and thoroughness. Blue Streak Docs provides document retrieval services to ensure accurate data and complete documentation. For more information about our services and how they can complement your business, contact us today at 727-479-0007. 

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