2.3 million foreclosures prevented in past 14 months
HOPE NOW, the private sector alliance of mortgage servicers, counselors, and investors that has been working aggressively to prevent foreclosures, today announced that nearly 2.3 million homeowners have avoided foreclosure and have been able to stay in their homes due to the continuing efforts of HOPE NOW and the broader mortgage industry.
In August 2008, mortgage servicers helped homeowners avoid foreclosure by completing more than 189,000 mortgage workouts. Workouts include both modifications to the terms of existing mortgages and repayment plans. Barring a life event such as a job loss, death, or illness, all workouts are intended to enable a homeowner to remain in that home as long as he or she wishes to do so.
The HOPE NOW report estimates that on an industry-wide basis:
● Mortgage servicers have helped 2.26 million homeowners avoid foreclosure since July 2007.
● Mortgage servicers provided loan workouts for approximately 189,000 borrowers in August 2008.
● In August, approximately 110,000 homeowners received repayment plans; approximately 79,000 received loan modifications."
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