HOPE NOW: Workouts Up, FCs Down In August

Posted by Orb Staff on October 01, 2009 No Comments
Categories : Mortgage Servicing

August data from HOPE NOW show foreclosure starts dropped 21% to 224,000 and foreclosure sales dropped 16% to 75,000 from July.

Workout plans were up 28% to 325,000. Repayment plans increased by 38%, and loan modifications were up by 7%.

‘Our data suggests a correlation between the drop in foreclosures and the increase in workout solutions to help at-risk borrowers,’ says Faith Schwartz, executive director of HOPE NOW.

HOPE NOW survey data show a 6% increase in homeowners who are 60+ days delinquent – 3.3 million borrowers in August from 3.1 million in July. This number may include Home Affordable Modification Program trial modifications that are not yet permanent, HOPE NOW says.

SOURCE: HOPE NOW

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