Skip to main content

HOPE NOW takes foreclosure solutions on the road: Nationwide face-to-face mediations assisting homeowners in finding the answers

ericp
May 04, 2010

Most of the stories are similar … your average American family with two working parents and two to three children, living in a modest home are beginning to feel the crush of economic hardship firsthand through the threat of losing their home. The ripple effect of high unemployment rates in struggling to survive as a homeowner in the 21st century has wreaked havoc on the nation, thrusting foreclosure and bankruptcy rates into record high territories. That is where the HOPE NOW Alliance is trying to make a difference. HOPE NOW is an alliance between counselors, mortgage servicers, investors and other mortgage market participants with the collective goal of maximizing outreach efforts to homeowners in distress to help them stay in their homes. HOPE NOW’s nearly 70 member companies recognize that by working together to stamp out the foreclosure crisis, they will be a more effective force than by working solo. HOPE NOW, along with co-sponsors the Making Home Affordable Program and NeighborWorks America, have organized a number of “Help for Homeowners Community Events” on their road show that bring the banks and servicers together, face-to-face, with homeowners looking for solutions to their problems. The common complaint from a customer seeking a modification is the chain of voicemails and departments they have to deal with and the mountain of paperwork required in order to get the modification process started. Since 2008, HOPE NOW has hosted 60-plus homeownership outreach events, assisting approximately 59,000 families in the process. When an event is on the horizon, HOPE NOW notifies area lenders and banks. In turn, the banks and lenders send out mailings to their customers to notify them of the opportunity to meet one-on-one with a trained housing counselor at the Help for Homeowners Community Event. If a customer’s lending institution happens to not be on hand for the event, consumers are paired up with non-profit housing counselors who assist the homeowner through their situation. Homeowners are given a checklist of paperwork to bring in order to see if they qualify for HAMP or other alternatives from their lender. “The personal contact a consumer has with a housing counselor is a plus,” said Alvina McHale, director of communications and marketing for the U.S. Department of the Treasury. “These events are a win-win situation for all involved as the borrower can discuss their situation directly with their financial institution.”     Lenders set up shop at the Nassau Coliseum to meet one-on-one with homeowners     At day one of a Help for Homeowners Community Event, held in late April on Long Island, N.Y. in Uniondale at the Nassau Veterans Memorial Coliseum, 646 cases were heard in a four-hour span by the lenders on hand. The doors for the event opened at 1:00 p.m., with many lining up as early as 6:00 a.m. in order to meet with their bank. “There are a lot of borrowers out there who are confused about the whole process and need our help,” said Jamie Holland, compliance manager with Ocwen. No matter the end result, HOPE NOW, its alliance partners—Making Home Affordable Program and NeighborWorks America—and their lender supporters are putting forth a strong concerted effort to save America’s homeowners. Their overall goal is to keep the American dream of homeownership alive and well, even in this current economic downturn. Alvina McHale, director of communications and marketing for the U.S. Department of the Treasury with Jamie Holland, compliance manager with Ocwen, at the New York Help for Homeowners Community Event    
Published
May 04, 2010
Biden Nominates McCargo To Lead Ginnie Mae

Currently Serves As Senior Advisor For Housing Finance At HUD

Regulation and Compliance
Sep 14, 2021
OCC Plans To Rescind 2020 CRA Rule

The OCC formally issued a proposal to rescind a controversial rule within the Community Reinvestment Act (CRA) that was published in June 2020.

Regulation and Compliance
Sep 10, 2021
Flexibilities Move Forward

Pandemic Priorities Continue To Drive Industry Modernization

Regulation and Compliance
Sep 08, 2021
FHFA And The Enterprises Coordinate Action On Equitable Housing

Today the FHFA is announcing that Fannie Mae and Freddie Mac (the Enterprises) will submit Equitable Housing Finance Plans to the FHFA by the end of 2021.

Regulation and Compliance
Sep 08, 2021
Realtors Encouraged By Biden Plan to Expand Housing Supply

Administration Said Wednesday It Plans To Add 100,000 Affordable Homes In 3 Years

Regulation and Compliance
Sep 03, 2021
Biden Administration Announces Plan For Affordable Housing

President Biden and his administration firmly believe it is time to intervene in the housing market.

Regulation and Compliance
Sep 01, 2021