The number of proprietary modifications executed in August dropped slightly from those performed in July, falling to 115,756 from 120,351, HOPE NOW reports. Ninety-one percent of the proprietary modifications included a reduction of the monthly principal and interest payments for homeowners.
Combined with the approximately 33,000 permanent loan modifications executed under the federal Home Affordable Modification Program, servicers permanently modified about 149,000 loans during the month.
Foreclosure starts increased by nearly 20,000, growing to 245,015 in August. Completed foreclosure sales also rose, increasing from 97,951 in July to 101,780 in August, HOPE NOW says.
Mortgages that were delinquent by 60 days or more declined during the month, falling from 3.298 million in July to 3.257 million in August.
SOURCE: HOPE NOW