Estimated 1.9 Million Foreclosures Prevented Since July 2007

HOPE NOW, the private sector alliance of mortgage servicers, counselors and investors that is working to help prevent foreclosures in the midst of the current mortgage crisis, says that mortgage servicers helped a record number of homeowners avoid foreclosure and stay in their homes in June and the second quarter of 2008.

In June, mortgage servicers completed more than 181,000 mortgage workouts for home loans that otherwise would have gone into foreclosure. In the second quarter of 2008, mortgage servicers completed more than 522,000 workouts.

Both of these numbers exceeded previous estimates and are the largest number of mortgage workouts in any month and quarter since HOPE NOW began compiling data in July 2007, the alliance says. Workouts include both modifications to the terms of existing mortgages and repayments plans. Subprime modifications exceeded 50% of all subprime workouts for the first time in both June and the second quarter of 2008.

Source: HOPE NOW

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