Statistics released Monday by Hope Now, a Bush administration-organized effort to help at-risk borrowers, show that nearly 503,000 borrowers received some form of loan workout in the first quarter. The Hope Now group says 1.38 million homeowners have received loan workouts since July 2007. Of those, 29 percent were permanent modifications.
Nonetheless, 70% of homeowners who are two months behind on their mortgages still aren't getting help. Of those borrowers receiving help, only one in three completed a workout within 45 days, the State Foreclosure Prevention Working Group found in its survey of mortgage servicers.
The Hope Now group statistics also showed that sales of foreclosed properties continue to rise. More than 205,000 foreclosed homes were sold the January-March period, up from more than 151,000 in the fourth quarter of 2007 and 135,000 in the third quarter.
Members of Hope Now include Bank of America Corp., Citigroup Inc., Washington Mutual Inc. and Wells Fargo & Co.
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