Mortgage servicers completed 8% fewer modifications through private programs in April than the previous month, according to Hope Now.
The alliance of mortgage servicers, investors, mortgage insurers and nonprofit counselors found that roughly 43,000 home loans were modified in April, down from 47,000 March. Since 2007, about 5.46 million homeowners were offered mortgage modifications.
Completed foreclosure sales also declined 10% to 60,000 from 66,000 in the same period.
Foreclosure starts remained relatively flat at about 177,000, versus 178,000 in March, Hope Now reported. Loan modifications with reduced principal and interest payments accounted for about 83%, or 36,000, of all modifications.
Delinquencies of 60 days or more remained flat for the month at 2.52 million. Delinquency data is pulled from data received by the Mortgage Bankers Association for the first quarter of 2012.
Click on the image below for a breakout of a rolling three-month average of loan modifications.
jhilley@housingwire.com
