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Commercial/multifamily mortgage debt outstanding increases during fourth quarter

National Mortgage Professional
Mar 18, 2009

Obama foreclosure plan sparks large spike in calls to homeowner hotlineMortgagePress.comHomeownership Preservation Foundation, foreclosures, HOPE Hotline, President Barack Obama, Making Home Affordable The Homeownership Preservation Foundation (HPF), which operates the Homeowner's HOPE Hotline (888-995-HOPE), has announced that more than 124,000 homeowners have called the hotline since President Barack Obama announced his "Making Home Affordable" plan on March 4, 2009. On average, more than 13,500 homeowners have called the Hotline each day since the announcement, about three times the average number of daily calls coming in to the Hotline prior to the release of the presidents program. "The Obama administration's new foreclosure prevention plan has clearly been a catalyst for homeowners to reach out for help," stated Colleen Hernandez, HPF's president and executive director. Ms. Hernandez said that the increase in volume was not a surprise. "The Homeowner's HOPE Hotline is still the only place to which homeowners may turn 24 hours a day, seven days a week for free housing counseling assistance from counseling agencies certified by the U.S. Department of Housing and Urban Development," she said. "When homeowners have questions or need help, they are dialing 1-888-995-HOPE." The Homeowner's HOPE Hotline is available to homeowners 24 hours a day, seven days a week. Counseling is provided in English, Spanish and 19 other languages. The Homeowner's HOPE Hotline has already received more than 390,000 calls in 2009, compared to the approximately 20,000 calls received in the same period in 2007. In 2008, the Hotline received a total of 1.2 million calls. If the current pace of calls continues through 2009, the Hotline will receive more than 1.5 million calls and will easily exceed last years record pace. Hernandez said that the increase in calls showcases the growing demand for quality, free housing counseling services such as those provided by HPF and the Homeowner's HOPE Hotline. "The recent dramatic increase in calls to the hotline may require homeowners to be more patient than they have in the past," she said. "The Homeowner's Hope Hotline is committed to helping as many homeowners as possible get the help they need and we'll work as quickly as possible to make that happen." For more information, visit www.995hope.org.
Published
Mar 18, 2009
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