An estimated 74,000 homeowners received permanent, affordable loan modifications from mortgage servicers in January, according to new data from HOPE NOW.
The reported data for January shows that mortgage servicers completed approximately 56,000 proprietary loan modifications for homeowners and 17,992 Home Affordable Modification Program modifications. Additionally, the January data shows that foreclosure sales slightly outpaced loan modifications for the first time since October 2009. For the month of January, there were approximately 79,000 completed foreclosure sales. Delinquencies of 60 days or more continued to remain flat at about 2.77 million, or approximately 6% of all loans in January.
‘HOPE NOW and its members have charged full speed into 2012 in the ongoing collaborative efforts to assist at-risk homeowners,’ says Faith Schwartz, executive director. ‘Loan modifications continue at a steady pace, and proprietary mods continue to show real signs of sustainability and affordability for homeowners. This is important to note, as these characteristics are vital to housing market recovery.’