More than 1.54 million permanent loan modifications have been completed this year via Hope Now.
And last month, mortgage servicers completed roughly 101,000 proprietary loan modifications for homeowners and 24,000 Home Affordable Modification Program (HAMP) modifications, for an estimated 125,000 total mods.
However, proprietary loan modifications decreased from 117,000 in September to 101,000 in October and 60-day plus delinquencies increased from 3.2 million to 3.4 million in October.
“Of particular note in October’s data is the effect foreclosure delays and pauses (initiated by some mortgage servicers nationwide) had on the delinquency and foreclosure numbers for the month. Specifically foreclosure starts and sales dropped to 205,000 and 69,000,” said Faith Schwartz, executive director of Hope Now, in a release.
For comparison sake, foreclosure starts totaled 709,119 in the third quarter (roughly 236,000 per month), while foreclosure sales totaled 313,949 (roughly 105,000 per month).
I’m assuming the numbers will be even lower in November, which may or may not keep more borrowers in their homes long-term.
Overall, loan modifications outpaced foreclosure sales by 125,000 to 69,000 in October.