Bank Workouts at Record Levels

Approximately 183,000 at-risk homeowners were provided loan workouts in April, 23,000 more than in March, according to a new report from HOPE NOW, a private sector alliance of mortgage servicers, counselors, and investors working to prevent home foreclosures across the country. The April numbers represent the highest number of workouts provided through HOPE NOW since the program was launched in July 2007, according to the alliance.

"These numbers clearly demonstrate that we are succeeding at helping homeowners avoid foreclosure and stay in their homes," said HOPE NOW Executive Director Faith Schwartz. "Foreclosure benefits no one: the borrower, community, lender, and investor all lose. 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."

From California Association of Realtors Newsline:

I have been writing about using short sales to avoid foreclosures here in the Sacramento area but if you or someone you know is having difficulty paying their mortgage and wants to stay in their home, HOPE NOW is a great resource to help dealing with your lender. As you can imagine banks and other mortgage lenders have been swamped by what is happening so like I recommended for considering a short sale, find someone with experience and knowledge to help you. For more information about HOPE NOW, visit their website.