HOPE NOW Loan Program

Formed in 2007 at the request of The Department of Treasury and the U.S. Department of Housing and Urban Development, HOPE NOW has since assisted more than 7 million households avoid foreclosure by assisting with the coordination of mortgage loan modifications. Made up of counselors, mortgage companies, investors, and other mortgage market participants, HOPE NOW partners with the non-profit community, government agencies, investors and local partners to conduct outreach to distressed households facing foreclosure. HOPE NOW also reports on their data findings and gathers stakeholders to share best practice ideas around foreclosure avoidance.

HOPE NOW conducts outreach in communities and invites those experiencing mortgage troubles to attend an event where mortgage lenders, housing counselors and other partners are able to provide information and education on mortgage options. Attendees are encouraged to bring their documentation along with them, as they may have the opportunity to complete a mortgage loan modification application on site. Some will receive a decision on their application that day. Others leave with the trusted knowledge they require to take appropriate next steps to address their particular situation.

Since 2008, more than 115,000 households have benefited from these community-based events. More recently, HOPE NOW has focused on expanding these events to military communities across the country. The outreach and assistance HOPE NOW provides allows them to collect valuable data that is then used to inform their recommendations for mortgage options to those facing foreclosure. They then share their findings with community partners in order to communicate with both borrowers and lenders how to best prevent foreclosure.

HOPE NOW’s website provides details about their upcoming community events, useful information and resources for borrowers and trending data on mortgage foreclosures and preventions. Borrowers can also link to a qualified housing counselor in their area if needed. Together, HOPE NOW and their public and private partners provide innovative and evolving education and opportunities to at-risk borrowers and equip them with the tools they need to stay in their homes. Their efforts work to stabilize at-risk households themselves and reach beyond by also working to stabilize communities across the nation.

Another post from Gina Wilson – Credit & Loans Specialist Blogger.

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