Skip to Content
We Speak English, Spanish and Farsi 213-344-0043

November 2013 loan modification data has been released –  an estimated 44,000 homeowners received permanent and affordable loan modifications from mortgage servicers during the month of November. This total number includes modifications completed under the government’s Home Affordable Modification Program (HAMP) as well as proprietary programs.

This total means a 12 percent decrease from the 50,000 completed in the month of October, but the most recent data showed a 20 percent decline in foreclosure sales as well as a 17 percent decline in foreclosure starts between the months of October and November.

Loan Modification Totals and Specifics

This brings the total number of loan modifications to approximately 6.8 million since the data started being tracked in 2007, with specific loan modifications being broken down as: 5.5 million homeowners have received proprietary loan modifications, 1,297,954 homeowners have received HAMP modifications.

Foreclosure Sales and Starts  – Decreased in November

In the month of November, there was a 20 percent decrease in completed foreclosure sales from October – approximately 41,000 November foreclosure sales completed, compared to 51,000 completed in October.

There was also a 17 percent decrease in foreclosure starts from November to October – 84,000 foreclosure starts in November, compared with 102,000 recorded in October.

Delinquencies of 60 days or more also decreased – 2.02 million for the month of November, compared to 2.04 million in October.

A Close Look at the Proprietary Loans

Proprietary programs (non-HAMP) loan modifications demonstrated characteristics of sustainability and affordability for homeowners. The majority of these loans included both fixed interest rates as well asreduced principal/interest monthly payments.

Proprietary Loan Statistics Break Down

  • 93 percent of the total (29,000) were proprietary loan modifications that included fixed interest rates of five years or more.
  • 74 percent of the total (23,000) were proprietary loan modifications with reduced principal and interest monthly payments.
  • 68 percent of the total (21,000) were proprietary loan modifications with reduced principal and interest payments of more than 10 percent.
Share To: