There was a decline in loan modification activity in May both for year-over-year and month-to-month comparisons, according to data from the Hope Now alliance.
Overall, total nonforeclosure solutions, which includes loan modifications, short sales, deeds in lieu and workout plans, in May exceeded 105,000, compared to 117,000 the month prior.
There were roughly 29,000 permanent loan modifications during the month, down from 31,000 in April and 37,000 in May 2015. The vast majority — 22,000 — of these modifications were made via proprietary programs, while more than 7,000 were completed through the Home Affordable Mortgage Program.
Foreclosure sales fell 4% from April and 7% from May 2015 to 27,000.
Hope Now reported Monday that the number of foreclosure starts rose 2% month-over-month to 51,000 in May. Year-over-year, May's foreclosure starts figure represented a 15% drop.
