An estimated 44,000 homeowners received loan modifications from mortgage servicers during November – a 12% decrease from the approximately 50,000 modifications completed in October, HOPE NOW reports. This includes modifications completed under proprietary programs and the government's Home Affordable Modification Program (HAMP).
As of November, about 6.8 million loan modifications had been processed since 2007. Of those, about 5.5 million were completed through proprietary programs, and about 1.3 million were completed through HAMP (which began in 2009).
Proprietary loan modifications that included fixed interest rates of five years or more accounted for 93% (29,000) of the total for November.
Proprietary loan modifications with reduced principal and interest monthly payments accounted for 74% (23,000) of the total.
Proprietary loan modifications with reduced principal and interest payments of more than 10% accounted for 68% (21,000) of the total.
According to the group's data, there were approximately 41,000 foreclosure sales completed in November, compared to 51,000 completed in October – a decrease of 20%.
In addition, there were approximately 84,000 foreclosure starts in November, compared with 102,000 recorded in October – a 20% decline.
Delinquencies of 60 days or more reached 2.02 million for the month of November, compared to 2.04 million in October – a decrease of about 1%.
‘As we approach the 7 million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, nonprofits, government agencies and local community groups continue to make a positive impact on the nation's housing market,’ Eric Selk, executive director of HOPE NOW, says in a statement.