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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit ""Homeownership Preservation Foundation"":http://www.995hope.org (HPF), economists estimate that close to 4 million homeowners will face delinquency in the near future.


In an effort to help thwart this assessment, HPF works to provide information and financial education to guide consumers toward sustainable homeownership.

The foundation reports that its Homeowner's HOPE Hotline (1-888-995-HOPE begin_of_the_skype_highlighting              1-888-995-HOPE      end_of_the_skype_highlighting begin_of_the_skype_highlighting              1-888-995-HOPE      end_of_the_skype_highlighting) has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

The HOPE Hotline provides free foreclosure prevention counseling 24/7, 365 days a year in more than 170 languages. In addition to the hotline, financial education is available at ""995HOPE.org"":http://www.995hope.org for homeowners who need the basic information to build and maintain good credit, develop a budget, and buy a home.

""The foreclosure crisis that we are facing has had a far reaching and severe impact on the housing industry and the economy but none more devastating than on individ-


uals and families who face foreclosure,"" said Colleen Hernandez, CEO of HPF. ""It is alarming to know that more families than ever need help resolving their mortgage and financial issues.""

According to HPF, the HOPE Hotline has received more than 122,000 calls per month this year-that's more than 5,500 calls each day. The hotline received more than 1.77 million calls in 2009 and 1.3 million in 2008.

""Based upon the surveys of the homeowners we've counseled, we know that 86 percent said they were better able to understand their options after talking with our counselors,"" Hernandez said.

Hernandez added, ""While it's generally known that distressed homeowners find it difficult to obtain information and assistance from their servicers, we know that 50 percent of those surveyed said they made direct contact with their servicer with the help of our hotline counselors, and 34 percent said their servicer was more willing to work with after they had been counseled.""

HPF has partnered with the ""Treasury"":http://www.treasury.gov, ""Fannie Mae"":http://www.fanniemae.com, ""Freddie Mac"":http://www.freddiemac.com, private investors, ""HUD"":http://www.hud.gov, and ""NeighborWorks America"":http://www.nw.org on its initiative to alleviate the foreclosure crisis.

""Home foreclosures have had a profound effect on the economy, reducing job growth, hurting tax revenues, and hitting consumer spending,"" said Bruce Paradis, founder and chairman of the HPF board.

""The Homeowner's HOPE Hotline is the first step to help homeowners regain control of their financial situation,"" Paradis added. ""Working to help homeowners avoid foreclosure is a positive step toward restoring the confidence of consumers, businesses, and U.S. financial markets, which will provide a needed boost to our economy.""

About Author: Heather Cernoch


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