- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Analysis: APEC Nations Back Face-Saving Climate Plan
- Shift Into High-Quality Stocks Could Move Market Higher
- Drug Study Questions Effectiveness of Merck's Drugs
- Military Arms Race Dominates Dubai Air Show
- Buffett: I Haven't Bought AMEX Shares in Years
- Disaster Film '2012' Drowns Rivals at Box Office
- Cities With the Most Home Price Reductions
- Cramer: 5 Earnings Reports to Watch Next Week
- CNBC Video: Warren Buffett & Bill Gates - Keeping American Great
- U.S. Stocks Rally for the Second Straight Week
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
MOST SHARED
- U.S. May Wind Up Green With Envy
- Japan Third Quarter GDP Jumps; 2010 Growth May Slow
- Warren Buffett to CNBC: 'I Haven't Bought American Express In Years'
- Analysis: APEC Nations Back Face-Saving Climate Plan
- Disaster Film '2012' Drowns Rivals at Box Office
- Dipping Into Green Investing
- For Investors, The New Green Looks To Be White
- The Cost of Thanksgiving Dinner 2009
- Sustainability Indices Sprouting Up
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
Text Size 
A record 183,000 U.S. homeowners avoided foreclosure in April through mortgage loan workouts, bringing the total to 1.6 million at-risk borrowers who have had mortgage terms or payment plans modified in less than a year.
 |
AP |
"HOPE NOW has every incentive to help troubled homeowners hold on to their homes, and the alliance will continue to do everything possible to reach and help as many as possible," Faith Schwartz, HOPE NOW executive director, said in a statement on Friday.
The program began in July 2007 to cope with losses tied to escalating defaults and foreclosures.
Home prices have fallen steadily since, leaving some home owners with mortgages larger than the value of their homes.
Single-family home prices tumbled a record 14.1 percent in the first three months of the year from a year earlier, according to an index from Standard & Poor's/Case Shiller.
Many borrowers also still face payment shock when their adjustable-rate mortgages reset at higher interest rates.
In April, about 106,000 of the prime and subprime loan workouts by mortgage servicers were altered repayment plans and 77,000 were loan modifications, HOPE NOW reported.
"Foreclosure benefits no one: the borrower, community, lender and investor all lose," Schwartz said.
HOPE NOW also said about 603,000 subprime adjustable-rate loans were scheduled to rest between January and April.
About 45 percent of those loans that were current at reset were paid in full when the homeowner refinanced or sold the property, according to the group.
About 5 percent of the loans have been altered, with more than 60 percent of the modifications made for at least five years.
HOPE NOW said 0.3 percent of the loans, or 927 mortgages, that were current at their reset date have since started the foreclosure process.
Print
Email
- Where, what, how.
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
Data is a real-time snapshot *Data is delayed at least 15 minutes