From July 2007 through February 2008, mortgage servicers have provided loan workouts that have enabled about 1.2 million homeowners to stay in their homes, according to the most recent study by HOPE NOW.
Additionally, in January and February 2008, servicers provided approximately 309,700 prime and subprime loan workouts, including 196,200 repayment plans and 113,500 loan modifications. Loan modifications for 2008 have been 48% of all subprime loan workouts, which is more than double the 2007 rate.
‘The industry is dedicated to minimizing foreclosures,’ says Faith Schwartz, executive director of HOPE NOW. ‘While HOPE NOW is not the only answer to this issue, the alliance's outreach efforts have had a significant impact on encouraging consumers to connect with their servicers. We are seeing real results.’
