Hope Now
- By:
- MortgageLoan.com | June 19, 2008
Established in October 2007, Hope Now is an alliance between counselors, servicers, investors and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes.
The Hope Now process
How does it work?
The group takes a three pronged approach in its bid to quell the number of homeowners facing foreclosures. They include:
- Reaching homeowners in need
- Counseling homeowners in need.
- Assisting homeowners in need.
The coalition helps homeowners by putting together a loan workout. This can be sub-divided into two main groups.
Loan modification
A modification occurs anytime any term of the original loan contract is permanently altered. This can involve a reduction in the interest rate, forgiveness of a portion of principal or extension of the maturity date of the loan.
Repayment plan
A plan that allows the borrower to become current and catch up on missed payments that are appropriate to the borrower's circumstances.
What are the alternatives?
Hope Now helps in a refinance facility and is arguably one of the best alternatives out there, but failing that, one can always inquire about services offered by the Homeownership Preservation Foundation (HPF) and Neighbor Works.
Can I afford to contact Hope Now?
Can you afford not to? For more on Hope Now read on.
