Tuesday, June 30, 2009

Mid Year Foreclosure Counseling Numbers


In 2008, the Minnesota Home Ownership Center's network of foreclosure prevention specialists assisted a record number of struggling Minnesota Homeowners. As reported previously, the network assisted over 11,000 families.

HOWEVER, In 2009, if current numbers hold through the end of the year, the network should assist over 15,000 homeowners - - A STAGGERING 27% increase over 2008!

Through May 31, 2009, specialists had counseled 7,537 families!

Even with the increased difficulties facing homeowners due to the current economic climate, and the increased number of homeowners seeking assistance, the network of specialists are still doing AMAZING things for their clients. Of the cases that have been 'resolved' (how our data tracking software labels homeowners where the outcome of their situation is known or consumer has decided to no longer work with the counselor)... the results are nothing short of spectacular:

Percent of resolved cases where foreclosure was averted: 63.66%

Percent of resolved cases where foreclosure was not averted: 22.50%

Percent of resolved cases where outcome is unknown: 13.84%

Of those cases where foreclosure was averted... How was the homeowner able to avoid foreclosure? Through May 31:

By bringing payments current .......... 40%
By modifying the loan .......... 25%
By obtaining a Forbearance Agreement .......... 17%
By Short sale .......... 6%
By filing Bankruptcy.......... 3%

By other means .......... 8%

There are a few caveats with the number presented here... while the actual number of clients counseled year-to-date is a definitive number (7,537) the number of resolved cases will change over time, which will affect (probably downward) the percentage of foreclosures averted.

All data in this post should be considered 'draft information' until our year-end report that should be available in the first quarter of 2010.

Congratulations to our statewide network of counselors. They continue to work incredibly hard on behalf of Minnesota homeowners!

No comments:

Post a Comment

This is a moderated blog. That means all comments will be reviewed before posting. In addition, we expect that participants will treat each other, as well as the Center, our Counseling Network and other partners, with respect. We will not post comments that contain vulgar or abusive language; personal attacks of any kind; any offensive terms; spam; are clearly “off topic” or that promote services or products. Comments that make unsupported accusations will also not be posted.