The message is out and homeowners need to know they can obtain FREE foreclosure prevention services from the Homeownership Preservation Foundation. The toll free foreclosure hotline has been inundated with worried homeowners seeking assistance and relief from their toxic mortgages and to help stop foreclosure.
The Homeownership Preservation Foundation, in partnership with mortgage lenders, nonprofit organizations and city government agencies, provides homeowners with counseling and resources to help homeowners resolve their mortgage troubles. Homeowners who call the 888-995-HOPE number can receive free advice and counseling from nonprofit, HUD-certified organizations - 24 hours a day, 7 days a week. You can also visit their website at http://www.995hope.org/ .
The popular homeowner hotline received more than 14,000 calls during the first quarter of 2007, a 30 percent increase over the fourth quarter 2006. More than 25,000 homeowners called the hotline in all of 2006. In April they were receiving over 300 calls a day. The hot line counseled 15,207 people in the second quarter, analyzing their budgets in detail. Of those, 26 percent were told they might qualify for a loan workout, according to Tracy Morgan, a spokeswoman for the group. Another 28 percent were told to try to improve their budgets then seek a workout. source San Francisco Chronicle
That was then and in only 5 months and now they are reporting over 1,000 calls per day in this CNN Money report.
Here are some quotes from that article:
"Tracy Morgan is a spokeswoman for the Home Ownership Preservation Foundation, which operates a foreclosure hotline (1-800-995-HOPE) for Neighborworks. Last year, she said, the hotline handled about 75 calls a day nationwide. By June, 2007, the number ballooned to 750. For this September, the average day has brought about 1,300 calls.
"Morgan traces most of that increase to the subprime meltdown. California, where a high percentage of mortgages were subprime adjustable rate mortgages (ARMs), has become the number one caller state."
Things you should know
Homeowner's HOPE provides free counseling - we do not do refinancing, down payment assistance or provide loans. But we can connect you with local nonprofit resources that provide different kinds of assistance.
Although we have an excellent working relationship with many of the nation's largest mortgage companies, we cannot force a mortgage company to eliminate debt, forgive payments or dictate solutions.
We are here for you 24 hours a day, seven days a week. Most importantly, we want to help. Remember, the sooner you make the courageous decision to call us, the more we can do to help you right your financial ship.
About the Homeownership Preservation Foundation
The Homeownership Preservation Foundation (HPF) is a Minneapolis-based 501(c)(3) nonprofit dedicated to reducing foreclosures and preserving homeownership for American homeowners. The Foundation was formed in September 2004 with a $20 million seed contribution from GMAC ResCap (Residential Capital, LLC), one of the nation's largest real estate finance companies. The Foundation partners with city, county and state governments; federal government agencies; community-based non-profit organizations; and mortgage companies to offer creative solutions to preserve homeownership. For more information about the Homeownership Preservation Foundation, please visit http://www.hpfonline.org/.
Best of Luck to You!
Founder & Homeowner Advocate
Moe at LoanSafe.org Email