2 million troubled borrowers avoid foreclosure
According to the Hope Now coalition, it has helped a huge number of mortgage borrowers About 2 million at-risk borrowers were helped by Hope Now coalition, according to their report, to stay at home. They claim to fix almost 192,000 problem loans during July. This is a record for one-month and the numbers are 6% more than the June numbers.
Hope Now is a coalition of mortgage servicers, counselors, and investors who assembled with a mission to fight foreclosures. Even though they helped a huge number of people, still foreclosure is rising in the country. Almost 91,752 families were engulfed in foreclosure and they lost their homes in the month of July. The foreclosure rate in July is an increase of 14% from June. The rate is almost double in comparison to July 2007 (42,043 foreclosure).
Hope Now is trying hard to reach out to borrowers who need help. Hope Now is advertising, promoting its name, organizing foreclosure prevention events, using public announcements and other media help to tell the borrowers that it is available for help. But the borrowers are seems to be not interested. They are reluctant to seek help from Hope Now.
About 80% of the 1.6 million borrowers 60 days past due who were sent letters since November 1, 2007, have not responded to the lenders till now. That communication with the borrower is very crucial.
Hope Now is partnering with community groups to organize large events to help huge number of borrowers meet with the counselors.
Even though people don’t realize lenders do not want people’s property. They have options to help borrowers through difficult financial times. Of course the further behind you become, the harder it will be to reinstate the loan and the more likely that they will lose their house but that does not mean that people cannot overcome such situations. If you want to learn more on how you can avoid foreclosure prevention there are some great sites which will help you such as http://www.prevent-foreclosures.net. Not only they offer help but also great tips on how you can avoid same.
Wonderful information over here, thanks a tonne for sharing… And here is another Helpful site on stopping foreclosures http://www.stoppingforeclosureguide.info which had been very much useful for me…