Hope Now Monthly Workouts Surpass 200,000

October 27, 2008 No Comments »


Hope Now said it helped 212,000 homeowners avoid foreclosure in September, marking the group’s biggest month since it launched its workout program last July.

It’s the first time the alliance has surpassed the 200,000-mark in a single month, and represents a 15.6 percent increase from the record 192,000 workouts seen in August.

A record 98,000 loan modifications were completed during the month, up 22.5 percent from the 79,000 completed in August, while simple repayment plans totaled 113,300.

Nearly 59 percent of homeowners with subprime loans who accepted workouts received more favorable loan modifications during the month.

For all of the third quarter, loan workouts totaled 593,016, up from 522,887 a quarter earlier and 398,236 in the third quarter of 2007.

The good news is loan modifications continue to rise, totaling 257,444 during the quarter, up from 75,326 in the same period a year earlier.

But despite the increase in loan mods and overall workouts, third quarter foreclosure sales totaled 264,139, up from 246,192 in the second quarter and 135,330 a year earlier.

Foreclosure sales over the last four quarters now total over one million, a sign more must be done to slow the growing epidemic.

Hope Now says it helped roughly 1.6 million homeowners avoid foreclosure through the third quarter of this year.

Since July 2007, mortgage servicers have helped 2.47 million homeowners avoid foreclosure.

(photo: jasonb42882)

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