The mortgage industry modified roughly 54,000 loans and began formal repayment plans with an additional 183,000 borrowers, according to a study released by the Mortgage Bankers Association (MBA) last week.

Meanwhile, foreclosure proceedings began on an estimated 384,000 loans during the quarter. According to the MBA, 63% of the foreclosures were cases in which the borrower did not live in the home, did not respond to repeated attempts by the lender to contact him, or the borrower failed to perform on a repayment plan or loan modification that was already in place.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.