HOPE NOW, who has such founding members as Bank of America and Countrywide Bank, is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.
HOPE NOW announced on December 22, that it expects to double the number of foreclosures prevented in 2009 by enhancing and expanding its very successful 2008 efforts.
Approximately 2 million foreclosures have been prevented by the mortgage lending industry in the first 11 months of 2008, 25% more than the approximately 1.5 million prevented in all of 2007. If the current trend continues, in 2008 the mortgage lending industry will prevent approximately 2.2 million foreclosures, 45% more than in 2007.
2008 Results:
- A projected total of approximately 2.2 million foreclosure preventions
- Almost 950,000 mortgage modifications
- More than 20,000 homeowners helped at 29 workshops held across the United States
- More than 1 million total calls from homeowners to the Hope Hotline
- 2.9 million letters sent to at risk homeowners.
- An 18% response rate to the letters sent by HOPE NOW to at risk homeowners
HOPE NOW's 2009 plans include:
- An expected doubling of the number of modifications from the already high 2008 level.
- At least 30 additional homeowner workshops.
- At least a 50% increase in the number of homeowners who attend workshops.
- Additional innovative ways to provide counseling and other assistance to homeowners to begin the foreclosure prevention process through the HOPE Hotline
-Significantly enhanced loan level data that will help the industry further analyze trends and make necessary adjustments to help prevent foreclosures and provide policymakers with important additional information.
This is great news. The more we stop the foreclosure bleeding, the better the economy will improve.
More more information on HOPE NOW, visit http://www.hopenow.com/
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