By way of comparison, Fannie and Freddie’s loan servicers entered into "home retention solutions" on 574,100 loans, or about 46 percent of loans delinquent by 60 days or more.
From the second quarter to the third, HAMP trial modifications were up 320 percent, to 278,100; repayment plans were up 30 percent, to 182,700; workouts were up 22 percent, to 105,500; and completed loan modifications were up 14 percent, to 36,700.
Nearly half of loan modifications completed in the third quarter — a number that excludes HAMP trial modifications — lowered borrowers’ payments by more than 20 percent, the report said.
Although most loan modifications end up delinquent again, loans modified in recent quarters performed slightly better six months after modification than did earlier modifications. About 44 percent of loans modified during the first quarter were still current after six months, up from 39 percent for loans modified in in 2008.
Short sales and deeds in lieu of foreclosure increased by 39 percent from the second to third quarter, to 17,400.
Through November, Fannie and Freddie guaranteed nearly 4 million loan refinancings, including 155,700 aimed at helping at-risk borrowers through the Home Affordable Refinance Program (HARP).
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