Hope Now, an alliance of mortgage servicers, investors, insurers and nonprofit counselors, said nearly 1.9 million homeowners received some sort of mortgage assistance in 2014.
Primarily this was in the form of loan modifications, which totaled 489,000, of which 352,000 were proprietary. The rest of 2014's modifications were completed under the Home Affordable Modification Program.
Overall loan modifications continued to decline in year over year comparison. Approximately 767,000 borrowers applied received loan modifications in 2013, making 2014's year-end total a 36% decrease. Delinquencies of 60 days or more were also down by about 110,000, to 1.92 million, over the course of the year. Foreclosure starts went down 34%, to 842,000, while foreclosure sales decreased 27%, to 455,000.
Short sales (approximately 130,000), deeds in lieu (28,000) and other options (1.23 million) were utilized for the 1.39 million additional mortgage "solutions" provided to borrowers in need of mortgage assistance last year.
"The 2014 foreclosure data shows a continuing trend of recovery in the housing market," said Eric Selk, executive director of the industry group, in a statement released with the 2014 data.
"While loan modifications continue to fall from their peak levels around 2010, delinquencies and foreclosures are showing the corresponding decline. Nearly half a million families were helped with loan modifications in 2014."
