Free Help from HELP NOW
HOPE NOW, the organization formed in 2007 with the help of the Treasury and HUD, is an alliance between HUD approved counseling agents, mortgage companies, investors and other mortgage professioinals that provides FREE foreclosure prevention assistance.
Many homeowners in the Prescott and Prescott Valley markets facing foreclosure and doing short sales have have been able to get free assistance from the organization. Before you shell out money to a “loan modification specialist,” contact Hope Now and get the same info at no charge.
Here’s what they just reported:
Home foreclosures are still rising across the country, even though lenders have helped an increasing number of mortgage borrowers to become current on payments and stay in their homes.
In February, nearly 250,000 homeowners received either mortgage modifications or repayment plans from their lenders, according to Hope Now, a coalition of lenders, investors and community advocacy groups put together to combat the foreclosure plague.
About 134,000 of those workouts were mortgage modifications, which typically involve lowering the loan interest rates, lengthening the mortgage terms or reducing the principal owed to make loans more affordable. Modifications are considered more comprehensive and effective than repayment plans, which simply tack the late payments on to the end of the loan and don’t reduce payments.
Despite that aid, the number of foreclosures started rose from 217,000 in January to 243,000 in February, according to Hope Now. Banks repossessed about 87,000 homes during February, a 28 percent jump from 68,000 in January. Since the mortgage meltdown began in July 2007, nearly 1.4 million homes have been lost.
For more: www.hopenow.com.
Tags: 
Categories: 
