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Servicing / The Ticker

November brought fewer loan mods, declining foreclosures

HOPE NOW records 44K mods, down from 50K

home loans chalk

Loan modification activity subsided in November 2013, with only 44,000 mods completed during the month.

That figure is down 12% from 50,000 modifications in October, according to data from HOPE NOW – a private alliance for mortgage servicers, insurers and housing counselors.

HOPE NOW says foreclosure sales also fell 20%, while foreclosure starts declined 17% between the months of October and November.

Since 2007, HOPE NOW has completed 6.8 million loan modifications. About 5.5 million are proprietary mods, while roughly 1.3 million received mods through the government’s Home Affordable Modification Program.

The number of loan delinquencies more than 60 days past due came in at 2.02 million in November, down 1% from 2.04 million in October.

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