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Tag Archives: HOPE Hotline

Independent Research Studies Validate Benefits of Mortgage Counseling

Housing counseling increases the likelihood that a homeowner will be granted a loan modification by 200 percent, according to a research study from the Federal Reserve. The central bank also found that counseled borrowers received more favorable terms on their loan modifications compared to borrowers who go it alone. The Homeownership Preservation Foundation says these, among other findings, show that mortgage counseling works, but the availability of these services are in jeopardy due to federal budget cuts.

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California Accounts for Nearly 25% of Suspect Foreclosure Rescue Scams

Nearly one-quarter of calls from homeowners who believe they are victims of a foreclosure rescue scam originate in California, according to statistics released by the Homeownership Preservation Foundation (HPF), which operates a national hotline to direct homeowners to accredited counseling services. While California's reported fraudulent activity was significantly higher than other states, only Los Angeles ranked in the top five cities, indicating that purported scam activity isn't concentrated in any one area of the state.

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Lawmakers from Both Sides Rally for Housing Counseling Funding

Four senators have drafted a letter they intend to send to key policymakers advocating for the return of federal dollars to HUD's housing counselor program. Congress eliminated funding slated for the federal program, which supports counseling efforts for foreclosure prevention, back in April as part of the 2011 budget resolution. Sens. Akaka, Menendez, Snowe, and Rockefeller are asking that $87.5 million be included in the 2012 budget to fund the HUD program, and they're soliciting their Senate colleagues for additional support.

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Homeownership Preservation Foundation Adds Board Member

The Homeownership Preservation Foundation (HPF), which administers the Homeowner's HOPE Hotline (1-888-995-HOPE) to provide free, financial education and confidential foreclosure prevention counseling, has named Bruce Gottschall to its board of directors. Gottschall is one of the original founders of Neighborhood Housing Services (NHS) of Chicago. Under his leadership, NHS of Chicago partnered with the city to establish the Home Ownership Preservation Initiative to prevent foreclosures.

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Homeownership Preservation Foundation Adds to Board of Directors

Dr. Christopher Herbert, research director at the Joint Center for Housing Studies at Harvard University, has been named to the board of directors of the Homeownership Preservation Foundation (HPF). Herbert spent the last two decades conducting research related to housing policy, housing markets, housing finance, and urban development. He also promotes and maintains homeownership for low-income and minority families.

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Homeownership Preservation Foundation Receives $1M HUD Grant

The Homeownership Preservation Foundation (HPF) is the sole recipient of a $1 million Mortgage Modification and Mortgage Scam Assistance (MMSA) grant from HUD. The grant will enable HPF to continue as the primary ""call to action"" for HUD's anti-scam campaign to assist victims as well as educate and warn distressed homeowners about foreclosure prevention and loan modification scammers.

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Calls to Homeownership HOPE Hotline Down 14 Percent

The Homeownership Preservation Foundation (HPF) has reported a 14.2 percent decrease in calls to its Homeowners' HOPE Hotline during the month of October. The hotline provides free homeownership education and foreclosure prevention counseling. The organization says it is seeing fluctuations in call volume, often related to the number of foreclosures, which decreased during the month. The state with the most calls coming into the hotline was California.

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Nonprofit Group Reports Jump in Calls from Distressed Homeowners

The Homeownership Preservation Foundation says calls coming into its hotline from distressed homeowners hoping to stave off foreclosure increased 7.4 percent in the third quarter of this year compared to the previous quarter. HPF administers the Homeowner's HOPE Hotline to provide consumers with foreclosure prevention counseling. The nonprofit received 412,353 calls during the third quarter. The largest call volumes came from the states of California and Florida.

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Foundation Hotline Offers Help Against Foreclosure Scams

The Homeownership Preservation Foundation has partnered with NeighborWorks America, HUD, Fannie Mae, Freddie Mac, and the Lawyers Committee for Civil Rights Under Law to help prevent foreclosure-rescue scams. The coalition is positioning the Homeowner's HOPE Hotline (1-888-995-HOPE) as a central point of contact for homeowners who think they may be victim of a scam. Information provided to the hotline is used by local, state, and federal agencies to shut down predatory companies victimizing distressed homeowners.

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HOPE Hotline Provides Aid to More than 4M Distressed Homeowners

According to the national nonprofit Homeownership Preservation Foundation (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 has aided more than 4 million distressed homeowners since the financial crisis began in 2008.

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