HOPE NOW, the private sector alliance of mortgage servicers, counselors and investors that has been working aggressively to prevent foreclosures, says 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.
HOPE NOW adds that in August, approximately 110,000 homeowners received repayment plans, and approximately 79,000 received loan modifications. Nearly 53% of homeowners with subprime loans who received workouts through mortgage servicers received modifications.
Source: HOPE NOW
