New numbers from the HOPE NOW coalition of private mortgage servicers, insurers, and housing counselors show that loan modification volume contracted in November. Just 44,000 workouts were completed for the month, which is down 15 percent from 50,000 modifications processed in October.
HOPE NOW has 6.8 million mortgage modifications to its credit since 2007 -- about 5.5 million of them proprietary workouts and approximately 1.3 million of them completed under the federal Home Affordable Modification Program (HAMP).
The alliance's data also indicates that foreclosure sales declined from October to November, sliding 20 percent; while foreclosure starts slumped 17 percent during the period. Delinquencies on loans at least 60 days past due, meanwhile, hit 2.02 million in November -- a 1 percent drop from 2.04 million the previous month.