According to Faith Schwartz, executive director of HOPE NOW, short sales are drastically helping their overall foreclosure prevention efforts. The month of May brought nearly $38,000 completed short sales, bring the program’s total to over 900,000. In addition, 63,000 homeowners received permanent, affordable home loan modifications, with more than 17,500 through HAMP and 45,000 through proprietary programs. According to Schwartz, “Since 2007, the industry has completed 6.43 million permanent solutions, which includes short sales and loan modifications. This figure compares to 4.5 million foreclosure sales in the same period of time-and shows that real progress has been made by the industry, non-profits, and government on behalf of at-risk homeowners since the housing crisis began.”
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