Hope Now to Rescue as Foreclosures Increase

By:: MortgageLoan.com | June 01, 2008

Foreclosure prevention coalition, Hope Now on Friday announced it had helped 183,000 at-risk borrowers stay in their homes during the month of April.

The figure represent a 7.6 percent increase from March and is the highest monthly total since Hope Now was created.

In a press release, Hope Now Executive Director, Faith Schwartz praised the efforts of the organization saying, "These numbers clearly demonstrate that Hope Now is succeeding at helping homeowners avoid foreclosure and stay in their homes.

Despite the positive report, the organization also painted a depressing outlook for the housing industry, which underlined the increasing number of people at risk of foreclosure. RealtyTrac, an online marketer of foreclosed properties, recently reported that 243,353 households received a foreclosure filing in April, up 65 percent from that month last year.

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