We all know someone who is having trouble keeping up with their mortgage, it might even be you. We need to let them know that there is help. I was reading an article in National Association of Realtors monthly publication titled Help Troubled Borrowers. If you have talked with these people, then they have probably mentioned that there are a lot of people out there that are calling and offering help. Please advise these folks to call 1.888.995.4673, (1.888.995.HOPE).
President George W. Bush announced sometime in the middle of December that he was going to help people in these defaulting sub-prime mortgages. Here is what you need to know to help anyone you know that is having trouble with paying their mortgages on time, or has experienced a rate increase that has made it near impossible for them to pay.
President Bush's HOPE NOW (HomeOwnership Preservation Foundation) is a voluntary effort by lenders, mortgage investors, and loan officers to help borrowers that are faced with default when their adjustable rate mortgages resets at a higher rate. One of the key parts of Hope Now is the interest rate freeze that would give these borrowers time to work out a possible solution.