Tag Archives: HOPE Hotline

The Homeownership Preservation Foundation (HPF) named Daniel Burnham—a HUD approved housing counselor with Money Management International(MMI)—Counselor of the Year.

The Homeownership Preservation Foundation (HPF) and Tennessee Attorney General Bob Cooper forged a partnership to offer a statewide hotline specifically for distressed homeowners in the state. The hotline for Tennessee residents is 855.876.7283 and offers free information and referrals to foreclosure prevention and mortgage counseling.

Treasury, HUD, and the Ad Council are reaching out to struggling homeowners with a message of hope. On Wednesday, the groups announced the launch of the third and final phase of their Foreclosure Prevention Assistance Public Service Advertising (PSA) Campaign. With data showing nearly one in 14 homeowners knows what it means to be behind on a mortgage payment, the campaign aims to identify those struggling homeowners and educate them about the free resources available to help prevent foreclosure.

In the third quarter of this year, servicers increased the pace at which they completed proprietary modifications and short sales, HOPE NOW data revealed Monday. In Q3 2012, proprietary modifications, or non-government mods, stood at 186,057 compared to 161,764 in Q3 2011, representing a 15 percent annual gain, according to the alliance. Quarter-over-quarter, proprietary mods were up 41 percent compared to Q2 2012, when there were 131,556 completed mods.

After rounding out its fourth military homeowner event, HOPE NOW announced more events are to come. In September, HOPE NOW hosted an event in Fort Bragg, North Carolina, which attracted 60 attendees, and another event at joint Base Lewis-McChord in Washington, where 142 military families were able to receive assistance.

A surge in increased calls to the Homeowners HOPE Hotline, which helps distressed homeowners navigate financial challenges, could signal a possible new wave of foreclosures according to a report released by the Homeownership Preservation Foundation (HPF). The independent nonprofit reported that calls to the hotline from homeowners who are current with their mortgages are up 70 percent this year. Of those counseled, half stated that ""mounting instability"" to continue payments could cause them to default. More than 75 percent of those current borrowers had credit scores above the subprime threshold when they took out the loan.

HOPE NOW announced a major milestone Tuesday -- the completion of 5 million loan modifications since the group began tracking such loss mitigation efforts in 2007. More than 80 percent of these modifications were completed through servicers' own proprietary programs, with the rest coming from the government's Home Affordable Modification Program. Officials called the 5 million mark a halfway point, adding that much more work needs to be done to help distressed homeowners.

More than 445 nonprofit housing counseling agencies nationwide have one simple message for Congress: Restore housing counseling funds. Mandated federal budget cuts earlier this year stripped away $88 million in HUD funding that had been designated to support mortgage and foreclosure counseling programs. Those working on the front lines of the housing crisis everyday say counseling is critical to assisting distressed homeowners, and they're calling on lawmakers to restore funding at the level of $60 million.

The Homeownership Preservation Foundation (HPF), an independent nonprofit dedicated to helping distressed homeowners avoid foreclosure, unveiled its new, redesigned website Wednesday. HPF operates the nationwide Homeowner's HOPE Hotline. Its new site now mirrors the assistance already available via phone, including step-by-step details on the foreclosure process, an overview of alternative lender solutions, and details on government mortgage relief programs.

HUD and NeighborWorks have extended the deadline for homeowners who have experienced a loss of income to apply for the Emergency Homeowners' Loan Program (EHLP). The new deadline is Wednesday, July 27. The cut-off date had originally been set for Friday, July 22. EHLP assists homeowners who are at risk of foreclosure due to involuntary unemployment or underemployment as a result of the economy or a medical condition. Qualifying homeowners are awarded an interest free loan to pay a portion of their monthly mortgage for up to two years.