Hope Now, a private sector mortgage alliance, said the mortgage industry has completed more than 1.54 million permanent loan modifications for homeowners from January through October, as foreclosure suspensions affected foreclosure sales and starts. For October, mortgage servicers completed about 101,000 proprietary loan modifications and 24,000 Home Affordable Modification Program, or HAMP, modifications for an estimated total of 125,000. "There were anomalies in the October data that affected 60-day plus delinquency, as well as foreclosure, metrics which we believe may be largely attributed to widespread foreclosure delays across the country," said Faith Schwartz, executive director of Hope Now. Several large mortgage servicers nationwide delayed foreclosures in light of the robo-signing controversy. Hope Now said foreclosure starts dropped 16% to 205,000 and sales were down more than 41% 69,000, respectively while the number of homeowners more than 60 days delinquent increased slightly to 3.4 million. Here are the highlights:
  • Proprietary loan modifications decreased by 117,000 in September compared to 101,000 in October.
  • 60-plus days delinquencies increased to 3.4 million in October compared to 3.2 million in September.
  • Foreclosure starts decreased from 245,000 in September to 205,000 in October.
  • Completed foreclosure sales decreased from 118,000 in September to 69,000 in October.
  • Loan modifications outpaced foreclosure sales in October 125,000 to 69,000.
A full spreadsheet of comparing Hope Now modifications to HAMP mods can be viewed by clicking the below graphic: Write to Kerry Curry.