Workout Solutions for California Homeowners Outpace Foreclosure Sales at a 2-1 Ratio

Faith Schwartz, the executive director of the HOPENOW alliance, testified before the State Assembly Select Committee about the safety and protection of at-risk communities in California.

Faith Schwartz, the executive director of the HOPENOW alliance, testified before the State Assembly Select Committee about the safety and protection of at-risk communities in California.She said that more than 279,000 homeowners in California received a mortgage workout solution through October 2009. Currently the workout solutions outpace foreclosure sales at a ratio of 2-to-1 in California, when compared to the estimated 139,000 foreclosure sales in the state for this year.

Schwartz has stated that nearly 500,000 homeowners in California are delinquent on their mortgages by at least 60 days or more, and they need assistance. And this is a significant challenge. Also the number of workout solutions offered demonstrated that help is being provided, and that the services of the mortgage industry has made a very serious commitment to helping the distressed borrowers avoid foreclosure.

Faith Schwartz reported on the Home Affordable Modification Program (HAMP), which is one of the President?s programs and HOPE is now a member and participates in, that on an average the Treasury Department reported that over 20,000 homeowners are approved every week for a HAMP trial modification, which saves the homeowner $550 a month.

HAMP is not the only loan workout tool that services are using, according to HOPE NOW, 2.6 million homeowners nationwide have received a non-HAMP mortgage workout plan that prevented foreclosure, and 5.8 million homeowners have taken advantage of non-HAMP workout solutions since 2007. The solutions are many which include loan modifications, deed in lieu of foreclosure, repayment plans, extended forbearance, and short sales. California loan modification companies like RA Law Group have been counseling California homeowners on all of these options.

Homeowners delinquent on their mortgages are encouraged to find out what their options are in order to prevent default and foreclosure. For more information visit http://www.modificationpros.com

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