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Over 2 million foreclosures thwarted by mortgage industry

Mortgage News > Over 2 million foreclosures thwarted by mortgage industry
Date: 10/02/2008    Over 2 million foreclosures thwarted by mortgage industry

In a financial world full of turmoil roughly 2.3 million homeowners have avoided foreclosure and been able to stay in the comforts of their own home thanks to the support of the HOPE NOW alliance. HOPE NOW consists of mortgage servicers, counselors, and investors that have worked fervently to help homeowners keep their homes since the onset of the subprime mortgage crisis.

In August 2008 alone, mortgage companies nationwide were able to help homeowners avoid foreclosure by carrying out more than 189,000 mortgage work outs; and completing 2.3 million in the last 14 months.

"Without HOPE NOW, the current mortgage and financial crises would be more serious and harder to turn around," Faith Schwartz, HOPE NOW's executive director, said. "We will continue to work hard to help homeowners and stabilize communities."

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