Foreclosures Coming out of the Woodwork

HousingWire reports the Office of the Comptroller of the Currency (OCC) says while mortgage delinquencies stabilized in the third quarter, foreclosures climbed 21.1 percent from the last quarter as mortgage servicers rolled back the reprieve imposed in late 2010, following disclosure of the robo-signing controversy. New foreclosures fell 11.8 percent from Q3 2010, but previously filed foreclosures accounted for 4.1 percent of the mortgage portfolio, up 7.65 percent from the same quarter last year, and an increase of .05 percent over the previous quarter. The OCC report says mortgage modifications fell 8.5 percent from Q2 to 138,000, including a 23 percent loss through the Home Affordable Modification Program (HAMP). Monthly interest and principal for third quarter mods fell by 24.4 percent, equaling $382. HAMP modifications cut payments by 35.1 percent, or $567. The report covers 62 percent of all first-lien mortgages in the nation, 32.4 million, with an outstanding balance of $5.6 trillion.

(Photo credit: HousingWire)

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