Hope Now, an alliance of lenders, released figures Friday showing that 183,000 borrowers received some sort of loan workout in April. That’s the highest monthly number since the beginning of the program last summer.
Loan modifications accounted for 42 percent of total workouts in April, up from 19 percent in the third quarter of 2007. The alliance also claims 1.56 million home owners have received loan workouts since July 2007. Of those, 30 percent were permanent modifications.
The data support our view that you are much more likely to get a temporary workout than a permanent one. The key is to have an organized plan. Please see our great primer on what to do if you are having problems.
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