HOPE NOW, the private sector alliance of mortgage servicers, counselors and investors that has been working aggressively to prevent foreclosures, strongly support the changes in the HOPE for Homeowners (H4H) Program announced by the Department of Housing and Urban Development because it will make it easier for homeowners to participate and keep homeowners in their homes.
Faith Schwartz, HOPE NOW's executive director, said:
"The HOPE Now Alliance applauds Secretary [Steve] Preston and the Federal Housing Administration for making a number of very important and positive changes to the Hope for Homeowners program that will make mortgage payments more affordable for at-risk homeowners and, therefore, will help prevent foreclosures.
HOPE for Homeowners will now be an even more valuable and useful tool because of the changes HUD announced today and Secretary Preston and Assistant Secretary Montgomery deserve kudos for the leadership they demonstrated with these revisions. The improvements will enable more homeowners to qualify for this program and make it a more attractive option for lenders and servicers to consider. It is a worthwhile additional to the loan modification efforts that HOPE NOW members are using.
For more information, visit www.HopeNow.com.