Television Reaches Out To Foreclosure Victims

Posted in Foreclosure, Foreclosures, July 9th, 2007 |

The jangle of the telephone breaks into the family peace. Another reminder – mortgage payments are due. But the television switches on with a different message of hope – do not despair for there are escape routes. This 30 second Public service announcement coming from the mortgage industry in collaboration with AdCouncil reminds foreclosure victims that if they can timely avail of the lifeboat then they will not sink. But they must not delay.

The television is including in its focus the crisis of losing hearth and home. The viewers who are in the fix are told to call 888-995-HOPE. They are repeatedly reminded that that the worst thing to do is to do nothing at all and allow the foreclosure tornado to whip the roof off.

Homeownership Preservation Foundation runs the toll free number. It is a non-profit group having the sanction of the Department of Housing and Urban Development.

The television advertisement will be followed up on the radio, newsprint and the Net. This is part of a three-year operation costing about $1 million. NeighbourWorks is a foreclosure prevention group supported by the giants in mortgage industry, Ad Council and also Mortgage Bankers Association. The latter is also separately advertising the message of help.

A Washington based trade association is also broadcasting the message of help but in a more matter of fact manner. Homeowners face the camera bluntly saying that they are in no position to make payments right there and then. They are told to immediately pick up the phone and contact the lender because there is help coming. Viewers in need are directed to their web site – HomeLoanLearning Center.com without delay.

While the mortgage giants are somewhat concerned about the agony raging in the family and society it has other motives for advertising aggressively. To lenders foreclosures is an expensive exercise. They do not want to get stuck with a foreclosed unit that they can’t sell in a market that is slow and crawling. The headache for the lender is that each foreclosure cost $30,000 or more!

Another sign of changing times is that in Destin, Florida a get together at a Real Estate Prayer lunch included a real estate company, a local politician and a representative of the church. It created quite a ripple with some pointing their fingers at the greed of politicians and others lauding the efficacy of prayers.

Via