Back in 2007, when the subprime mortgage crisis began, President George Bush initiated the creation of an alliance between lenders, investors, foreclosure counselors and the U.S. government (including FHA, Fannie Mae and Freddie Mac) designed to help homeowners threatened by foreclosure. The formation of the HOPE NOW Alliance was one of the first steps the government took towards ‘foreclosure avoidance.’
Homeowners who are in need of assistance can look to HOPE NOW to find the resources, counseling or programs they need to stay in their homes. Visit www.hopenow.com to see the resources available for distressed homeowners.
The site offers a simple online eligibility assessment, based on the six questions below:
- Is your home your primary residence?
- Is the amount you owe on your first mortgage equal to or less than $729,750?
- Are you having trouble paying your mortgage?
- Did you get your current mortgage before January 1, 2009?
- What is your monthly mortgage payment?
- What is your monthly gross income
Your answers are quickly analyzed and then you will be directed to a ‘Next Steps’ section for Home Affordable Loan Modification program or to other options for additional services. While the site can help you quickly determine your eligibility, your mortgage company is the only organization that tell you if you actually qualify.
Other resources for home owners through HOPE NOW include a toll free hotline (888-995-HOPE) to a free, 24X7 counseling service provided by Homeownership Preservation Foundation; a home owner ‘Options’ page that explains various programs like repayment plans, loan modification, partial claims and others by state; unemployment resources; other counseling and government resources and more. The site offers an extensive list of links and references to outside services.
HOPE NOW also sponsors events in different cities and offers a list of events and public outreach programs coming to your area. The site is helpful in not only providing a calendar of these events but in also explaining the documentation you should bring with you if you attend.
If you are in danger of foreclosure or are having trouble with your mortgage payments HOPE NOW can help you to learn more about the many programs and counseling services ready in place for distressed home owners.
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