Hope Now Has Record Month, But Re-Default Rate High
Foreclosure prevention alliance Hope Now completed 123,000 loan modifications and 125,000 repayment plans in January, a slight increase from the 239,000 workouts in December.
It was the largest number of loan modifications in a single month since the program began in July 2007, while repayment plans matched a record high previously seen in October 2008.
“In the midst of this ever-changing and extremely Read more
Hope Now Touts Record Results, But Does It Matter?
Foreclosure prevention group Hope Now announced today it prevented 208,000 foreclosures in November and 651,000 over the past three months, the highest three-month total since it began collecting data in July 2007.
So-called “foreclosure preventions,” otherwise known as loan workouts, actually slipped from 225,000 in October, but Hope Now attributed that to five fewer working days during the month.
Hope Now Completed 225,000 Workouts in October
Hope Now, a foreclosure prevention coalition of mortgage servicers, lenders, and housing counselors, carried out 225,000 workouts last month, 13,000 more than the record it set a month earlier.
Since the beginning of the year, roughly 1.7 million foreclosures have “been prevented,” by the alliance, though it has yet to be seen if that will actually hold true over the long term.
The group is on pace Read more
Hope for Homeowners – will it stop foreclosures?
What is Hope for Homeowners?
Hope for Homeowners it is a loan program that was part of the Housing and Economic Recovery Act of 2008. The guidelines for the product were released by FHA on October 1st, 2008. The program is designed to be an alternative to foreclosure that servicers can use to help keep the client in their home, since a foreclosure is costly for a servicer and bad for the client and the economy.
Currently, we’re Read more