An approximated 44,000 homeowners obtained permanent loan modifications from mortgage servicers at the time of the month of November under both proprietary servicer programs and the government’s Home Affordable Modification Program (HAMP), HOPE NOW reports. Although that total represents a 12 percent loss from the 50,000 loan mods accomplished in October, one of the most current data show a more challenging 20 percent decline in foreclosure sales and a 17 percent decline in foreclosure begins between October and November.
The 44,000 loan mods granted in November brings the total number to roughly 6.8 million because HOPE NOW started tracking the data in 2007. Some 5.5 million property owners have gotten proprietary loan modifications since 2007, and an additional 1,297,954 have received HAMP modifications.
“As we approach the seven million mark for completed loan modifications, we remain convinced that the collaborative efforts of the industry, non-profits, government agencies and local community groups continues to make a positive impact on the nation’s housing market,” remark Eric Selk, executive director of the private-sector alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.