| One of the best pieces of advice to come out of | | | | government organization. |
| this foreclosure/short sales/mortgage fiasco | | | | During the same six month period, over 289,000 |
| came from "Hope Now". This group is formed | | | | homeowners could not be assisted. Hope Now |
| from representatives of America's largest | | | | defended itself, saying that its members service |
| mortgage service's. Hope Now is comprised of a | | | | 33.3 million home loans, and that those critics on |
| private group based in Washington and their | | | | Capitol Hill were working on incorrect information. |
| objective has been to try and halt the flood of | | | | Hope Now would like to offer a valuable piece of |
| foreclosures in order to help people keep their | | | | advice to all homeowners facing foreclosure. |
| homes. | | | | Anyone who feels that they are unable, or will |
| If you feel you may be approaching foreclosure, | | | | soon be unable, to keep paying their mortgages |
| contact Hope Now: details are on their web site. | | | | should know this: Your Lender does not want to |
| They can also be found through the U.S. | | | | re-claim your home. |
| Department of Housing and Urban Development | | | | Your Lender wants you to be able to pay for the |
| web site. Hope Now can only help before | | | | home. To this end, your lender/bank/mortgage |
| foreclosure or short sale proceedings start. Their | | | | broker must be told as soon as possible that you |
| first report shows that they have helped 870,000 | | | | are experiencing difficulties. The lender is the |
| people in a six month period. | | | | person most likely to be able to help you. |
| In the last six months of 2007, these | | | | He may even help you to make contact with |
| homeowners were helped either by re-scheduling | | | | Hope Now, or he may take the initiative and |
| their payments or by modifying their loan terms. | | | | adjust things between the two contracts himself. |
| Help can come in the form of freezing mortgage | | | | Your Lender or mortgage service does not want |
| rates, extending payment periods, counseling and | | | | another foreclosed property on his books. |
| postponing or eliminating scheduled rate reset | | | | If you have an interest rate hike coming up, and |
| increases. | | | | you know that it will spell the end of your |
| Although hundreds have been helped, there has | | | | mortgage paying days, go and see the Lender |
| been criticism in Washington that home owners | | | | now. Stop avoiding the phone calls or letters and |
| are not getting enough help from Hope Now. The | | | | phone them; say you need help. They probably |
| group was formed with the collaboration and the | | | | know you need help - they may even have a |
| encouragement of the Department of the | | | | plan half worked out. |
| Treasury and the Department of Housing and | | | | It is very possible that you and your Lender can |
| Urban Development, however it is not a | | | | work your way through this together. |