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Loan modifications and foreclosures tick upward, HOPE NOW says

Loan modifications and foreclosures increased slightly in the first quarter, but the longer-run trend continues to show an improving situation, according to HOPE NOW.

Some 319,000 homeowners received an alternative solution to a foreclosure in the first quarter, which was up 5 percent from this past fourth quarter, but down 26 percent year over year, the organization reported. Foreclosure starts also rose in first-quarter 2016, compared to the prior quarter, to 179,000, up 14 percent from this past fourth quarter, but down from 215,000 year over year, HOPE NOW reported.

Delinquent loans 60 days or more past due declined to 1.72 million in the quarter, down 11 percent from a year earlier.

"Early intervention and direct contact with the borrower has clearly made a huge impact in the overall delinquency numbers," said HOPE NOW Executive Director Eric Selk in a news release.


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