The private-sector, government-approved HOPE NOW Alliance announced in early July that its members have helped facilitate some 1.7 million loan workouts since July 2007, even as it has rolled out new guidance designed to speed help to homeowners facing foreclosure. The most recent numbers released by HOPE NOW on July 2 indicate that mortgage servicers helped approximately 170,000 homeowners avoid foreclosure in May 2008. Last year the HOPE NOW collaboration of credit and homeowners' counselors, mortgage servicers and mortgage market participants, including the Mortgage Bankers Association, was formed at the behest of HUD and the Treasury Department. The effort was intended to connect at-risk homeowners with their mortgage servicers and/or a credit counselor.
Pages to are hidden for
"HOPE NOW helps 1.7 million borrowers, rolls out new guidance"Please download to view full document