HOPE NOW Sets Record

In September, HOPE NOW, the foreclosure prevention alliance of mortgage servicers, counselors, investors and the broader mortgage industry helped 212,000 homeowners avoid foreclosure. It is the first time that the number of foreclosures prevented through the alliance in one month exceeded 200,000. Since July 2007, when the organization started recording these data, it has helped nearly 2.5 million homeowners stay in their homes. The September total is 15.6% or 30,000 higher than the previous record of 192,000 foreclosure preventions set the month before, August 2008. This data shows that during these very challenging time for many homeowners, HOPE NOW's executive director Faith Schwartz said, the industry is making a difference. "HOPE NOW members are continuing to explore new ways to help more homeowners avoid foreclosure and will keep looking for additional options." HOPE NOW reported that so far this year approximately 1.6 million homeowners had been able to avoid foreclosure, compared to approximately 1.5 million helped in all of 2007. If the current trend continues, HOPE NOW expects to assist up to 2.1 million homeowners by the end of 2008, a 40% more than in 2007.