Originally announced on October 10, 2007 by Treasury Secretary Paulson and Housing Secretary Jackson Hope Now was created to save subprime borrowers from being pulled under by the weight of rising mortgage payments. Now the industry group is throwing financial life preservers to prime borrowers and others who also face being submerged by foreclosure.

The HOPE NOW collaboration of credit and homeowners’ counselors, mortgage servicers, and mortgage market participants was formed to

• Explore a variety of methods to reach out to at-risk homeowners, including a direct-mail campaign to encourage at-risk borrowers to call their mortgage servicer or a credit counselor.

• Work to improve communications between servicers and non-profit counselors to speed outreach and to develop and explain options for at-risk borrowers.

• Develop standards with investors to enable counseling sessions for homeowners to be funded by servicing contracts.

The most recent initiative occurred on February 20, 2008 with the nation’s largest mortgage servicers sending the fourth round of HOPE NOW letters to mortgage borrowers, urging them to call their servicer for immediate help. HOPE NOW alliance members have officially sent one-million letters to homeowners.

search for : subprime borrowers, foreclosure, credit counselor

bookmark this article to your choice of sites