HOPE NOW: 107K Loan Mods in November

HOPE NOW: 107K Loan Mods in November

January 13, 2017

November 2016 saw a total of approximately 107,000 total loan modifications, short sales, deeds in lieu and workout plans compared to an estimated 21,500 foreclosure sales, according to new data from HOPE NOW.

Included in that total solutions figure were an estimated 29,000 permanent loan modifications, divided between 10,428 through the federal Home Affordable Modification Program and an estimated 19,000 through proprietary programs. There were approximately 1.40 million in November, down five percent from the 1.47 million level in October.

“Serious delinquency remains key indicator of positive market stability,” said Erik Selk, HOPE NOW’s executive director. “HOPE NOW tracks those homeowners who are 60-plus days delinquent and we have reported a steady total of just under 1.4 million borrowers in November. This is significant decrease from the nearly two million borrowers who were seriously delinquent just 24 months ago.”