AgentIndustry News

Distressed homeowners are signing up for mortgage assistance plans

Although foreclosure rates remain high, many delinquent borrowers are taking advantage of home retention programs, says Black Knight

More than half of homeowners who are seriously delinquent on their mortgages are taking advantage of home retention programs. That's according to the latest Mortgage Monitor Report from the data and analytics division of Black Knight Financial Services Inc., a Fidelity National Financial company. The monthly Mortgage Monitor Report is based on Black Knight’s repository of loan-level residential mortgage data and performance information, which encompasses about two-thirds of the overall market. According to this month’s report, of the approximately 952,000 borrowers whose mortgages are 90 or more days past due but not yet in foreclosure, 62 percent are in some form of a home retention program, such as loan modifications and repayment plans. For those in active foreclosure, about 53 percent of borrowers are in such plans. About 70 percent of all new trial modifications and repayment plans have been through one or more home retention actions in the past. Ben Graboske, seni...