Hope Now was suggested by the Department of Treasury and the Department of Housing and Urban Development in October 2007 and its members now consist of big lenders such as Bank of America, Citifinancial, GMAC, HSBC, and JP Morgan to name a few.

Hope Now and its members have decided upon possible alternates to foreclosing such as a loan workout, loan modification, repayment plan, and temporarily suspending monthly payments; there is even a "Homeowners HOPE Hotline" that is staffed with HUD approved credit counselors that will answer questions and assist in finding the best option for its callers.

The acceleration in procedures for aid comes from the new guidelines that require mortgage industry representatives to meet certain deadlines for taking action once a homeowner contacts the alliance with a request for assistance.

Hope Now has also launched the industries first-ever course of action in dealing with second mortgages. Faith Schwartz, executive director of Hope Now, told HousingWire.com "These new guidelines will greatly expedite the process of preventing foreclosures. The industry is committed to helping distressed borrowers stay in their homes whenever possible and these guidelines will help in that effort."

According to Forbes.com over 1.2 million homeowners have received help from the Hope Now Alliance and its resources. Jonathan L. Kempner, president and CEO of the Mortgage Bankers Association said "It's critical to remember that nobody benefits when a homeowner faces foreclosure."

For more information visit www.piffinancial.com/mortgagenew.php.