U.S. mortgage loan workouts reach record in April
NEW YORK, May 30 (Reuters) - A record 183,000 U.S. homeowners avoided foreclosure in April through mortgage loan workouts, bringing the total to 1.6 million at-risk borrowers who have had mortgage terms or payment plans modified in less than a year.
Loan workouts rose by 23,000 from March, as HOPE NOW, a private sector effort by mortgage servicers, counselors and investors steps up efforts to avert foreclosures.
"HOPE NOW has every incentive to help troubled homeowners hold on to their homes, and the alliance will continue to do everything possible to reach and help as many as possible," Faith Schwartz, HOPE NOW executive director, said in a statement. (Reporting by Lynn Adler; Editing by Theodore d'Afflisio)
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