Gap Between Non-Foreclosure Solutions and Completed Foreclosures Increase

Gap Between Non-Foreclosure Solutions and Completed Foreclosures Increase

Short Sale Solutions

 

The gap between non-foreclosure solutions for homeowners and completed foreclosures grew in February, according to HOPE NOW.

There were 147,000 non-foreclosure solutions for distressed homeowners in February compared to 28,000 completed foreclosures for the month, a ratio of more than five to one, according to HOPE NOW.

“Non-foreclosure solutions outpaced foreclosure sales by more than a five to one margin in the month of February,” said Eric Selk, Executive Director of HOPE NOW. “This has been a fairly consistent trend for the past year and illustrates the availability of various long term and short term solutions that benefit homeowners. The volume of solutions, including loan modifications, has remained consistent even though serious mortgage delinquencies fell to its lowest level since HOPE NOW began tracking data. Our industry members comprehensively review all at-risk families for multiple options, when going through the loss mitigation process, and attempt to apply the most viable solution for each situation.”

The number of short sales completed in February declined slightly month-over-month, from 7,700 down to 7,500.

Source: DSNews.com

 

Gap Between Non-Foreclosure Solutions and Completed Foreclosures Increase

Short Sale Solutions

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