Home / Daily Dose / Decline in Foreclosures Outpaces Decline in Loan Modifications
Print This Post Print This Post

Decline in Foreclosures Outpaces Decline in Loan Modifications

An estimated 44,000 homeowners received permanent loan modifications from mortgage servicers during the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. While that total represents a 12 percent decrease from the 50,000 loan mods completed in October, the most recent data show a steeper 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure starts between October and November.

The 44,000 loan mods granted in November brings the total number to approximately 6.8 million since HOPE NOW began tracking the data in 2007. Some 5.5 million homeowners have received proprietary loan modifications since 2007, and another 1,297,954 have received HAMP modifications.

“As we approach the seven million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, non-profits, government agencies and local community groups continues to make a positive impact on the nation’s housing market,” commented Eric Selk, executive director of the private-sector alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.

 

About Author: Carrie Bay

Carrie Bay is a freelance writer for DS News and its sister publication MReport. She served as online editor for DSNews.com from 2008 through 2011. Prior to joining DS News and the Five Star organization, she managed public relations, marketing, and media relations initiatives for several B2B companies in the financial services, technology, and telecommunications industries. She also wrote for retail and nonprofit organizations upon graduating from Texas A&M University with degrees in journalism and English.
x

Check Also

Could Fears of ‘Foreclosure Tsunami’ Be Unfounded?

Foreclosures will still happen, but consider the two-step foreclosure process to understand why this recession may be different. 

GET YOUR DAILY DOSE OF DS NEWS

Featuring daily updates on foreclosure, REO, and the secondary market, DS News has the timely and relevant content you need to stay at the top of your game. Get each day’s most important default servicing news and market information delivered directly to your inbox, complimentary, when you subscribe.