HOPE NOW, the private-sector alliance of mortgage servicers, counselors and investors working to prevent foreclosures, says that over 2 million homeowners have avoided foreclosure and have been able to stay in their homes due to the efforts of HOPE NOW and the broader mortgage industry.
In addition, the number of foreclosures prevented in July was at a record high for the second consecutive month and was 6% higher than the number of foreclosures prevented in June. Compared to July 2007, the number of foreclosures prevented has increased by more than 54%, the organization says.
In July, HOPE NOW mortgage servicers helped homeowners avoid foreclosure by completing more than 192,000 mortgage workouts. Approximately 112,000 of the homeowners with prime and subprime mortgages helped by servicers in July received repayment plans, and approximately 80,000 received loan modifications.
‘The industry's overwhelming commitment to helping homeowners avoid foreclosure and stay in their homes is undeniable and steadfast,’ says Faith Schwartz, executive director of HOPE NOW. ‘Because of HOPE NOW's vast and multifaceted efforts, more than 2 million families and the communities in which they live are much better off today than they otherwise would have been.’
Source: HOPE NOW