Foreclosure Help On Hotline

Posted in Foreclosure, June 24th, 2007 |

There is hot solution for defaulters of mortgage payments facing foreclosures. The numbers have doubled in Alameda County, tripled in Santa Mateo and San Joaquin according to RealtyTrac.com.

63 years old Harrell was one of the unfortunate victims who got a foreclosure notice. But unlike others he did something different. He picked up the phone and dialed the toll free hotline (888) 995-HOPE. Harrell was not going to give up his 31-year-old home without a fight. A workable repayment plan was worked out for refinancing the loan he had taken in 2005. He continued to keep his hearth and home.

The Hotline was set up in June 2005 to give immediate foreclosure counselling. A national advertising campaign will now be kicked off to acquaint many others of the services at a time when foreclosures are rising at an alarming rate. In Alameda County the number has gone up to 783 from 338 a year ago.
Nearly half of those who receive foreclosure notices via mail never respond to the lenders because they feel that from that end no help would be coming. It was a general feeling that the lenders were mainly interested in taking over the property. But it is not always so – actually lenders want their money.

NeighborWorks America, a national non-profit organization initiated this help-line over the phone and reaches out a helping hand to these unfortunate victims. The hotline is the brainchild of Homeownership Preservation Foundation and NeighborWorks America. The latter teams up with over 240 community organizations to provide counsellings in matters of real estate, targeting mainly with low and middle income.

The California Association of Mortgage Brokers and the California Mortgage Bankers Association have lent their voice and tells the owners to contact lenders without delay.

As foreclosures rise so do calls to the HOPE hotline. Adjustable mortgage rates invariably rise after the completion of the period of low introductory payments. In the previous year the hotline received 24,000 calls from all over the country. Till date in the current year the calls have already shot up to 35,000.
Those seeking help should find out the local affiliate of NeighborWorks America. Housing counselors within housing development communities work jointly with them and give advice specific to each situation. Other sufferers need not wait for the advertisement campaign to start because the hotline is running. Pick up the phone and talk.

Via