Foreclosure Prevention Event Coming to St. Louis
By Cara | October 27, 2009
via SLFP.com
The Foreclosure Prevention Event at America’s Center, sponsored by Hope Now and NeighborWorks America, is scheduled to take place, November 4, from 2 – 8 p.m., at the America’s Center, located at 701 Convention Plaza in downtown St. Louis.
This event will provide an opportunity for residents to meet one-on-one with their lender and/or a non-profit housing counselor to discuss workout options to prevent foreclosure. Attendees should bring all necessary mortgage and financial documents. For a complete list go to: www.hopenow.com/upcoming-events.php or call the United Way helpline at 1-800-427-4626.
The most recent data from Hope Now, the private sector of mortgage servicers, investors, mortgage insurers and non-profit counselors shows foreclosure starts dropped 21 percent to 224,000 and foreclosure sales are down 16 percent to 75,000 from July. Workout plans were up 28 percent to 325,000. Repayment plans increased by 38 percent and loan modifications were up by 7 percent. The Treasury Department reported on September 9 that 360,000 HAMP trial modifications are underway.
“Our data suggests a correlation between the drop in foreclosures and the increase in workout solutions to help at-risk borrowers,” said Faith Schwartz, Executive Director of Hope Now. This shift suggests progress is being made using all of the tools available, such as HAMP – the government backed modification program – and other workout solutions, to slow the pace of foreclosures.
Hope Now survey data shows a 6 percent increase in homeowners who are 60 days plus delinquent, 3.3 million borrowers in August from 3.1 million in July. This may include the significant number of trial modifications under the HAMP program that are not yet permanent.
“Mortgage servicers and non-profit housing counselors are working hard to help homeowners who are facing hardship in these tough economic times,” said Schwartz. “As HOPE NOW continues its outreach to consumers through its foreclosure prevention workshops across the country and through the Homeowner’s Hope™ Hotline (888-995-HOPE), we see firsthand the commitment to offer consumers the best solution that meets their individual needs. We continue to work with key regulators, servicers, investors and nonprofit counselors to make a positive difference in people’s lives by using all the tools available.”
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