Posted on Thursday, March 17, 2011
Data released Thursday from HOPE NOW shows that while permanent loan modifications outpaced foreclosure sales in the month of January, the gap between the two is getting smaller.
In January there were around 101,000 permanent loan modifications completed, down from 111,000 in December 2010. There were 73,000 foreclosure sales during January, up from 58,000 in December 2010.
According to HOPE NOW, which is a voluntary industry alliance of mortgage servicers and other professionals, investors, and counselors, the number of Home Affordable Modification Program (HAMP) modifications came in at 27,957, and the number of proprietary loan modifications was 73,005.
The number of proprietary modifications has been steadily decreasing since September 2010.
The alliance also reported that 60-plus day delinquencies for the month were 3.08 million, compared to 3.03 million in December 2010.
“HOPE NOW is encouraged by the fact that the trend of permanent loan modifications to completed foreclosure sales continues to be favorable,” said Faith Schwartz, executive director of HOPE NOW. “Over the past year, the industry has completed almost two million loan modifications for homeowners at risk of foreclosure.”
She continued, “The combination of government modifications and private modifications continues to make a meaningful difference in preserving homeownership and preventing foreclosures.”
By: Joy Leopold DS NEWS