A Record Number of Homeowners Avoid Foreclosure in the Second Quarter
A little good news for the housing market. HOPE NOW, a private sector alliance of mortgage service reps, counselors, and investors working to prevent foreclosures, reported today that it helped a record number of homeowners avoid foreclosure in the second quarter, completing more than 522,000 mortgage workouts for loans that were headed for default.
Mortgage service reps provided workouts for approximately 181,000 borrowers in June, an increase of 14,000 over May. Approximately 105,000 of those received some form of a repayment plan.
HOPE NOW also reports that the total number of foreclosures prevented by mortgage service reps, since its inception in July 2007, has climbed to approximately 1.9 million. A few of our prior popular posts on home foreclosures were:
San Diego County Foreclosures up 125% from 2007
CALIFORNIA HOME FORECLOSURE SALES JUMP 22.5%
Credit Impact of Real Estate Short Sales & Deeds In Lieu
San Diego City Attorney Wants City To Be Foreclosure Sanctuary
San Diego Home Foreclosures Up 180% In One Year
San Diego Real Estate … The Coming Next Wave of Foreclosures
San Diego real estate radio broadcasting
Dummies should have made sure they could afford houses before buying them. Lenders should have been more analytical is choosing borrowers who really had the capacity to repay loans at whatever the maximum interest rate could be after any teaser rate ended. Fools–all of the players in this drama are fools.
San Diego Optometrist