"borrowers should be wary of sources that offer help but require a fee"
When homeowners find themselves facing foreclosure proceedings reaching out to their lender is vital however, the largest comment by homeowners entails the nonresponsiveness of lenders.
There has been a change in lender attitudes though and with the help of HOPE NOW there is more hope of reaching the right person in the Loss Mitigation department.
Call the Homeowner’s HOPE™ Hotline: 1.888.995.HOPE
Hotline Services Include
- Outreach to Homeowners
- Counseling Homeowners
- Assisting Homeowners
2 Million Troubled Borrowers Avoid Foreclosure
"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"
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. Despite this progress, foreclosures continue to climb; 91,752 families lost their homes in July. That represents an increase of 14% from June and more than double the number of July 2007, when only 42,043 homes went to foreclosure.
"The treadmill is still going a little faster than [Hope Now] can keep up with," said Nicholas Retsinas, Director of Harvard University's Joint Center for Housing Studies. "Foreclosures have outpaced the efforts to combat them."
So, Hope Now is stepping up its efforts to reach out to troubled borrowers to let them know help is available, according to Faith Schwartz, the alliance's executive director. The group has promoted its program through advertising, public announcements, as well as letters to at-risk borrowers and large foreclosure prevention events that it's holding around the country.
Reluctant to seek help...read the rest of the article
Related Article: U.S. Foreclosure Filings Up 55% From Last Year