HOPE NOW completed 476,192 loan modifications during the first quarter of 2010 – a 29% increase from the same period last year. This brings HOPE NOW's loan modification total to more than 2.88 million since July 2007.
The alliance reports that it handled 1.36 million workout solutions in the first quarter of this year, a 92% increase from the 710,000 handled in the first quarter of 2009. The first quarter of 2010 also saw nearly 4 million 60 days-plus delinquencies and 291,380 completed foreclosure sales, compared to 2.85 million 60 days-plus delinquencies and 201,310 completed foreclosure sales in the first quarter of 2009.
‘It is clear our work is far from over,’ says Faith Schwartz, executive director of HOPE NOW. ‘Alliance members have demonstrated their commitment to helping homeowners, their ability to find workable solutions and their willingness to implement multiple intervention solutions to stabilize markets and homeowners. We will continue to report on our progress and work with borrowers via all of the tools at our disposal.’
SOURCE: HOPE NOW