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Hope Now´s numbers are rising, but is it enough? PDF Print E-mail
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Written by Becky   
Tuesday, 28 October 2008

According to the latest data complied from Hope Now, since the summer of 2007, mortgage lenders have assisted almost 2.5 million homeowners escape foreclosure. Hope Now is a mix of banks, housing counselors, and mortgage security investors, united by the Bush Administration to try and prevent foreclosures. In September, their efforts allowed an increase of 12% from the previous month of August, helping 212,000 borrowers to keep their homes. While these numbers are positive, it does not derail the fact that there are a lot more borrowers that are not able to advert foreclosure. In September 85,793 homes were foreclosed upon, only 1% lower then August. If these numbers remain at the same level, in 12 months over a million more may be lost.

According to RealtyTrac, almost 265,968 foreclosure filings were done in September. Faith Schwartz, the director of Hope Now, commented on this saying, "There's a lot of help being offered and a lot of people actively seeking help,...This is an emotional issue for homeowners,and our job is to help them not lose heart, help them to stay engaged and realize there is help out there." Schwartz wants to educate borrowers and make them aware that they have to act early, while repayment issues can still be fixed or modified. More banks are also starting protocol to reduce and/or modify loans in an attempt to help homeowners and homeowners need to take advantage and do all that is possible to retain their homes. Schwartz says that, "There's just more focus on doing everything we can to help folks avoid foreclosure."

 
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