According to the latest data from HOPE NOW, nearly 2.5 million homeowners have avoided foreclosure since July 2007. HOPE NOW also says that the mortgage lending industry helped 212,000 homeowners avoid foreclosure in September.
September marked the first time since HOPE NOW began compiling data in July 2007 that the number of foreclosures prevented in one month exceeded 200,000. The total is also 30,000 (15.6%) more than the previous record of 192,000 foreclosure preventions set in August 2008.
The number of homeowners helped in September through mortgage modifications – 98,000 – also set a new record. September modifications were 22.5% higher than the 79,000 completed in August 2008, and total repayment plans initiated in September were 113,000 – 3,000 more than the number initiated in August.
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Source: HOPE NOW
