Yesterday the HOPE NOW alliance released data on how many homeowners they’ve helped since July 2007.
More than 1.2 million homeowners have kept their homes so far. Since the start of this year, more than 309,000 loan workouts have been processed.
In some cases, a workout means to change the terms of the loan to enable a borrower to keep his or her home. Other times it means setting up a repayment plan.
Nearly half of all 2008 loan modifications have been for subprime loan workouts, the alliance announced.
If you’re having trouble making your mortgage payments you can still call HOPE NOW. Here’s some info provided by them:
HOPE NOW urges homeowners facing challenges with the mortgage payments to call their servicer or the Homeowner’s HOPE Hotline, 1-888-995-HOPE, immediately to explore what options are available. The 1-888-995-HOPE Hotline is provided by the Homeownership Preservation Foundation.
HOPE NOW efforts and the 1-888-995-HOPE Hotline are free to the borrower. Borrowers should be wary of sources that offer help but require a fee, as there should never be a cost associated with putting the borrower in touch with HUD-approved counselors or their servicers.