Number of Loan Modifications since 2007 Equals the Number of Liquidations

According to HOPE NOW, the number of permanent modifications completed by the industry since Q3 2007 was 7,784,155 as of February 2016, compared with 7,987,978 liquidations completed during the same period.

According to HOPE NOW, loan modifications completed by the industry have substantially declined since 2013. In the first quarter of 2013, the industry completed an average of nearly 81,600 loan modifications per month (both through proprietary programs and through the government’s Home Affordable Modification Program, or HAMP). Just one year later, in Q1 2014, that monthly average had fallen to 44,200. For the first two months of 2016, there were about 26,800 loan mods completed per month.

Liquidations, which include both foreclosures and short sales, have also declined in the last three years or so. In 2010, liquidations peaked at about 116,600 per month for the year; by 2013, that number had fallen to 75,000 per month. For early 2016, liquidations averaged close to 40,000 per month.