Tuesday, October 28, 2008

2½ million troubled homeowners avoid foreclosure during mortgage crisis

From CNN Money:
Mortgage lenders have helped nearly 2.5 million troubled homeowners avoid foreclosure since the mortgage meltdown began in the summer of 2007.

That's according to the latest report from Hope Now, the coalition of banks, mortgage-securities investors and housing counselors formed by the Bush administration to stem the foreclosure crisis.

Hope Now members helped 212,000 borrowers stay in their homes in September, a new record and an increase of 12% from August.

Despite Hope Now's best efforts, however, many homeowners are still falling through the cracks. According to Hope Now, 85,793 homes were lost to foreclosure in September, down 1% from August. At that rate, more than a million families will have their homes repossessed in the next twelve months.


  1. It is sad how many people are going to lose their homes. What is especially sad is the individuals who have worked hard and have given up everything. I hope they land on their feet.

    Jesse W.

  2. www.proloanmods.com saved me from foreclosure I was 6 monthes down and they were able to throw it on the back of the loan. But for to many homeowners its already too late

  3. Ok... well, I've been shopping around for a loan modification company for the past 3 months. I did a lot of research and found most of these places aren't licenses and aren't signed up with the Better Business Bureau. I don't know who "anonymous" is from the other post, but I checked out www.proloanmods.com and they are with the BBB so I decided to use them.

    All I can say is that I'm glad I chose them. I was at 9.75% on an ARM and I was one month behind on my mortgage. I'm with Wachovia. After proloanmods helped me, I'm not at 5.875% fixed and they moved my late payment to the back of my loan so I'm now current! I couldn't be happier!!!!! I now sleep good at night now worrying about my house.