HOPE NOW: Foreclosure Starts, Sales Dropped In October

Posted by Orb Staff on December 07, 2010 No Comments
Categories : Mortgage Servicing

Foreclosure starts and sales dropped, and the number of 60+ day delinquencies rose, in October, HOPE NOW reports, explaining that the numbers are likely the result of foreclosure pauses initiated by some servicers nationwide as they underwent reviews of their processes.

The alliance of servicers, investors, insurers and nonprofit counselors reports that foreclosure starts fell from 245,000 in September to 205,000 in October, completed foreclosure sales fell by about 49,000 month over month, and the number of 60+ day delinquencies increased by about 200,000 to 3.4 million.

Loan modification activity during the month was again concentrated on servicers' internal programs. Servicers completed approximately 101,000 proprietary loan modifications and 24,000 Home Affordable Modification Program modifications for an estimated total of 125,000 in October, HOPE NOW reports.

SOURCE: HOPE NOW

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