- Bank of America CEO Search May Extend Into 2010
- 'Cancer of Fraud' Permeates Health Care System: Critics
- US Mint to Suspend American Eagle Gold 1-Ounce Coins
- Judge Erases Couple's $525,000 Mortgage Payment
- For Many in US, It Will Be a Scaled-Down Holiday Season
- Where Do Pardoned Turkeys Go?
- Foreign Demand Boosts US 7-Year Treasury Sale
- Jobless Claims Below 500,000, Durable Orders Slip
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- S&P Stocks Trading at New 52-Week Highs
- 4 Food Stocks to Stuff in Your Portfolio: Analyst
- S&P at 1050-1200 Trading Range Next Year: Strategist
MOST SHARED
- Ritz-Carlton ?Struggling? in the US: President
- Garlic Price Rises Surpass Gold, Stocks in China
- S&P Stocks Trading at New 52-Week Highs
- New-Home Sales Jump 6.2% To Highest Level in Over Year
- Half of Banks' Losses May Still Be Hidden: IMF Head
- The Executive Job Search
- Consumer Mood Improves, But Anxiety Over Personal Finances
- Salvation Army's Kettles Now Credit Card-Ready
- Activision Prepares to Double Dip on ‘Modern Warfare 2’
- Where Do Pardoned Turkeys Go?
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
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
- How can you get out of debt and back on the road to recovery? Follow these ten steps.
Data is a real-time snapshot *Data is delayed at least 15 minutes