As the number of foreclosure sales are rising, lenders are struggling to help as many troubled borrowers as they can. According to statistics from Hope Now, in April and May, foreclosure sales went up 24% in the second quarter, hitting about 245,473. This is a downer for lenders as their number of workouts (sessions to help the borrowers) went up 7.5% in the second quarter, leveling at 519,291 work outs. The numbers for foreclosure sales are definitely not going down or even stalling as hoped.

Trying to work on the long term and not the short term, Hope Now loan servicers have been trying to work on loan modification instead of repayment plans. Their number of loan modifications for the second quarter went up 18% for a total of 202,003, while their repayment plans went down 3%, stopping at 302,287.

Additional information was also complied from a survey of about 60%, or roughly 718,000, of subprime adjustable-rate mortgages, whose rates were reset in 2008, The survey showed that about 45% of those loans that had reset dates in Jan. through May, were paid in full due due to refinancing or the selling of the property. 5.3% had lender modification and 0.5% started the process of foreclosure.