Hope Now Foreclosure Prevention Tops Two Million

August 27, 2008 No Comments »

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Industry alliance Hope Now announced today that the total number of foreclosures prevented by mortgage servicers since July 2007 has risen to about 2.07 million.

A total of 192,000 loan workouts were completed last month, a five percent increase from the 181,000 completed in June and 54 percent more than in July 2007.

During the record-breaking month, struggling homeowners with both prime and subprime mortgages received 112,000 repayment plans and 80,000 loan modifications.

More than half of the subprime borrowers who received assistance got more favorable loan modifications.

HOPE NOW’s Executive Director Faith Schwartz noted that the number is likely to rise in coming months as the alliance reaches out to even more homeowners with mailers, its Hope Hotline, and regional homeowner workshops (and through advertisements like the one above I snapped in NYC).

Despite the relatively positive news, the alliance reported 91,752 foreclosure sales during the month, which seem to be accelerating and now total 827,142 since last July.

Hope Now is made up of numerous mortgage lenders, servicers, and housing organizations, including ACORN, Freddie Mac, Indymac, Litton Loan Servicing, and many others.

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