2 million troubled borrowers avoid foreclosure

Friday, August 29th, 2008 | Money, Real Estate, The Economy

Phil found another interesting article at CNN Money.com

The Hope Now coalition reports that it completed a record number of mortgage workouts in July – but that was outpaced by the increasing rate of foreclosures.By Les Christie, CNNMoney.com staff writer
Last Updated: August 27, 2008: 2:40 PM EDT.My Intro

NEW YORK (CNNMoney.com) — Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months, according to numbers released by the coalition on Wednesday. The alliance of mortgage servicers, counselors, and investors assembled to combat foreclosures fixed more than 192,000 problem loans during July, a one-month record that represents a 6% increase over June.

http://money.cnn.com/2008/08/26/real_estate/Hope_now_hits_two_million/index.htm?postversion=2008082714

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