An estimated 29,000 homeowners received permanent loan modifications from mortgage servicers during January, according to new data from HOPE NOW
, with 20,000 solutions coming from proprietary programs and the remainder from the federal Home Affordable Modification Program, which came to its conclusion on Dec. 31, 2016. January’s loan modification level was three percent higher than the 28,500 recorded one month earlier.
During January, there was a total of approximately 102,000 non-foreclosure solutions, compared to roughly 26,000 foreclosure sales for the month. However, January’s foreclosure sales level was 34 percent above the 20,000 level from January. Also on the rise was foreclosure starts approximately 55,000 in January compared to 49,000 in December, an increase of 14 percent.
“Although foreclosure starts and sales increased in January, this is typical with our historical data,” said HOPE NOW Executive Director Erik Selk. “Despite the increase in starts from the previous month, starts are down four percent and sales are down 22 percent from January of 2016. Delinquency rates continue to decline and is now at 1.46 million serious delinquent borrowers.”