Every three months, approximately 167,000 new families enter into foreclosure in the United States. (Mortgage Bankers Association)
Roughly 50% of homeowners who enter into foreclosure never contact their lender—the party most able to help them stay in their homes.
To combat this rising tide of foreclosures at a national level, an unprecedented partnership has formed between leading members of the financial, insurance, and nonprofit sectors. Together, we are targeting geographic and demographic foreclosure hotspots across the country.
Together we are:
Linking homeowners in danger of foreclosure to the Homeownership Preservation Foundation’s 888-995-HOPE hotline. Free phone counseling by HUD-approved housing counselors is available 24 hours a day, 7 days a week. The hotline’s foreclosure counselors listen to the homeowner’s situation, then offer a customized workout plan. If more counseling or contact with the lender is needed, the counselors will link their callers to their lenders, to local NeighborWorks® organizations and to other nonprofits for specific help. Our experience has shown that many facing foreclosure are looking for solutions but embarrassed about their situation. They are attracted to 888-995-HOPE because they can retain a measure of anonymity and also take advantage of the service when it’s convenient for them. In 2006, over 40,000 homeowners at risk called the hotline. Nearly half of them have avoided foreclosure.
Establishing foreclosure intervention programs in cities with high rates of foreclosure. We partner with local business, nonprofit and community leaders to create sustainable systems to fight foreclosure.
Conducting a national public education campaign with the Ad Council to promote the hotline and improve outreach to those in financial distress. To view the ads, please visit http://www.foreclosurehelpandhope.org/.
Increasing counseling capacity and providing certified training programs to foreclosure counselors through the NeighborWorks® Center for Homeownership Education and Counseling.
Conducting research to better understand the complexities surrounding foreclosure and to advise on potential solutions.
Our efforts have already led thousands of borrowers to counseling. Working together we can reduce foreclosure rates and lead Americans home.
Partners:
American General Financial Services, a member of AIG, Inc., Bank of America, BBWCDF, Citigroup, Countrywide Home Loans, EMC Mortgage, Fannie Mae, Freddie Mac, GE Money, GMAC ResCap, Homeownership Preservation Foundation, Housing Policy Council, HSBC– North America, JPMorgan Chase, LaSalle Bank, Mortgage Bankers Association, National City Mortgage Co., Ocwen Loan Servicing, LLC, Option One Mortgage, State Farm Insurance, SunTrust Banks, Inc., Washington Mutual and Wells Fargo Home Mortgage.
For more information:
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