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No Cost "HOPE NOW" Helps Homeowners Avoid Foreclosure But Cautions...

"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

Posted by Lynnette Phillips Real Estate Consultant on 09/03/2008 02:41 PM

Comments (6)

foreclosure, hope now, hope now coalition, foreclosure filings

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6 Comments on No Cost "HOPE NOW" Helps Homeowners Avoid Foreclosure But Cautions...

SEP

2008

Lynette- Thanks for this info....the more you write it, the more chance someone that needs it will find it.

Thanks Kathy, that's my hope...maybe others can even pass along the information.

SEP

2008

Lynette

One of my mother's acquaintances who is in her 80s is facing foreclosure on her home. I have no idea who convinced her to refinance her large Victorian home of over 20 years at 8.37% for $980K in 2007 to enable her to buy a four-plex that she had hoped will enable her family members to live together in a compound-like facility. She also used some of the funds to "invest" in a duplex.

But I guess no one truly explained to her about positive cash flow, what she is obligated to do, etc, etc.

When she called me to ask for help to evict a tenant, I asked her why her house is for sale. She had no idea that it was, and doesn't remember ever receiving a notice of default. When I talked to the listing agent, she said the owner may be having early signs of Alzheimer's because there is a listing agreement.

At any rate, they are trying for a loan modification but it's unlikely it will be approved since the value of the house is probably $200K less than what is owed. She has just received her auction notice for Oct 21....and it doesn't look good.

I am crying over this possible outcome....seems like this may qualify for elder abuse!

Pacita, There are too many situations like this and all too often a family member convinced the elder this is the thing to do. I'm crying with you. But situations like this also make me so angry I look for something to do about them. Here is a link to a publication from California's Dept of Aging for a guide on reporting elder abuse. It includes a list of online resources.

(Also, I've gotta wonder, has anyone actually seen the signature on the listing agreement?)

There isn't much time before the sale but has consulting an attorney been considered?

Lynette ... I hope that this is true .. that Hope Now has helped more than 2 million at-risk borrowers stay in their homes during the past 13 months. Do you believe that? I am hopeful and not completely believing that. Harrison

Harrison, CNNMoney.com reported it...I merely included an excerpt in my post. Let's hope someone is getting help! Thanks for taking the time to comment.

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