More Than 370,000 Homeowners Dodge Foreclosure in Second Half of 2007
January 18, 2008
New York–A group of mortgage counselors, lenders and servicing companies said Friday that more than 370,000 homeowners avoided foreclosure in the last six months of 2007, The New York Times reports.The Hope Now alliance said that the amount of homeowners who received help–as mortgage servicers tripled the rate at which they eased loan terms from…
New York–A group of mortgage counselors, lenders and servicing companies said Friday that more than 370,000 homeowners avoided foreclosure in the last six months of 2007, The New York Times reports.The Hope Now alliance said that the amount of homeowners who received help–as mortgage servicers tripled the rate at which they eased loan terms from the third quarter to last quarter–is “significantly higher” than originally thought.With guidance from the U.S. Treasury and the Department of Housing and Urban Development, Hope Now said servicers made 120,000 loan modifications and settled new repayment plans for an additional 250,000 homeowners.
