Non-Foreclosure Alternatives Outpace Foreclosure By Four To One

Non-Foreclosure Alternatives Outpace Foreclosure By Four To One

Short Sale Solutions

There is a rate if more than four solutions of alternatives to foreclosure that were completed for every foreclosure sale, according to data for July 2015 released by non-profit alliance HOPE NOW.

The mortgage industry reported about 122,000 non-foreclosure alternatives (including short sales, deeds-in-lieu of foreclosure, and other workout plans) for July, while about 29,000 foreclosures were completed. These numbers compare with 157,000 and 39,500, respectively, for July 2014, according to HOPE NOW.

According to Eric Selk, Executive Director of HOPE NOW, the options to avoid foreclosure outpace completed foreclosures by nearly 4 to 1. “Based on July’s data, it is clear that servicers continue to work with customers to offer the best options —whether they are permanent, short term or liquidation. In fact, looking at the year over year comparison, it is notable that the decline in foreclosure sales is more than double the decline in permanent loan mods.”

Out of those 157,000 non-foreclosure alternatives completed in July, about 11,000 of them were short sales.

Source: DSNews.com

Non-Foreclosure Alternatives Outpace Foreclosure By Four To One

Short Sale Solutions

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