The HOPE NOW alliance has released its foreclosure prevention data from November and unveiled its plans for the 2009 campaign.
The mortgage industry prevented 208,000 foreclosures in November 2008 and a total of 651,000 in September, October and November, representingÂ the highest three-month total since HOPE NOW began to compile data in July 2007.
The November results, which are a slight change from the 225,000 foreclosure preventions completed in October, is the result of the five fewer working days in that month, HOPE NOW notes, as the number of foreclosure preventions per day was greater in November than it was in October.
November was the third consecutive month that total modifications exceeded 100,000.Â Since HOPE NOW began to compile data, over 1 million modifications have been completed, including a projected 950,000 in 2008. Over the past three months, the number of modifications has increased by almost 29%, while the number of payment plans has increased by almost 6%.Â
HOPE NOW expects that twice the number of foreclosures will be prevented in 2009 than in 2008.
HOPE NOW's 2009 plans include an expected doubling of the number of modifications from the already high 2008 level.Â This will result an increased capacity of servicers to handle modification requests, the streamlined modification program and the commitment by major institutions to modify loans on purchased portfolios, HOPE NOW says.Â Depending on unemployment and other economic conditions, this could increase the number of modifications to 2 million or more next year.
"The mortgage lending industry has shown enormous flexibility and commitment in the face of this past year's constantly changing economic outlook" says John Courson, chief operating officer of the Mortgage Bankers Association. "The plans HOPE NOW has for 2009 demonstrate clearly that the whole mortgage lending industry will continue to serve the needs of homeowners no matter what the situation."
SOURCE: HOPE NOW