President Bush to Meet with Homeowners, Counselors at Homeownership Preservation
888-995-HOPE Hotline provides foreclosure prevention counseling to at-risk American homeowners
WASHINGTON - March 28 2008 - The Homeownership Preservation Foundation (HPF), the organization providing counseling for homeowners who are having a difficult time paying their mortgage, announces President Bush’s visit today with Novadebt, one of the foundation’s agency network partners in New Jersey. While at Novadebt, the President met with homeowners who called the 888-995-HOPE Hotline and the counselors, toured the facility, and made a statement on homeownership.
Novadebt is one of ten counseling agencies that provide on-demand counseling through the Homeowner’s HOPE(TM) Hotline. During his visit to Novadebt, the President heard about the critical role the 888-995-HOPE Hotline and nonprofit counselors are playing in the current mortgage crisis. The President received first-hand accounts of what a homeowner experiences when they contact the hotline as counselors guide them through a discussion of their financial and life situation, complete a personal budget analysis, offer their options to mitigate financial burdens, suggest a proposed plan of action, and more. Counselors spend an average of 45-60 minutes with each caller.
HPF is a member of the HOPE NOW Alliance, the coalition of counselors and mortgage industry participants established with the support and assistance of United States Department of the Treasury Secretary Henry Paulson. HPF provides the 888-995-HOPE Hotline as another place homeowners can turn if they need assistance should they not feel comfortable calling their mortgage company directly.
“We welcome President Bush and appreciate his continued support of the Foundation’s partnership with the HOPE NOW Alliance and the important work of these nonprofit counselors,” said Colleen Hernandez, HFP president and executive director.
“Everyone who calls the HOPE Hotline receives help,” said Ms. Hernandez. “When callers dial 888-995-HOPE, they reach counselors who understand the intricacies of their unique mortgage and financial picture. Just as important, callers begin the process that helps them deal with their specific mortgage issues by becoming more aware of their options and empowered to take the next step. Our counselors provide a wide range of assistance that ranges from conducting in-depth counseling sessions to helping homeowners work with their lender to develop a solution to get their loan back on track.”
Homeownership Preservation Foundation (HPF)
The Homeownership Preservation Foundation is a Minneapolis-based nonprofit dedicated to reducing foreclosures and preserving homeownership for American homeowners. The foundation partners with city, county and state governments; federal government agencies; community-based nonprofit organizations; and mortgage companies to offer creative solutions to preserve homeownership. HPF’s cornerstone service is the Homeowner’s HOPE(TM) Hotline, a foreclosure prevention counseling service available free to American homeowners by calling 888-995-HOPE. For more information about the Homeownership Preservation Foundation or the Homeowner’s HOPE Hotline, visit http://www.995hope.org.
Novadebt
Novadebt is a HUD-approved Housing counseling agency that provides pre-purchase, default/foreclosure and Home Equity Conversion mortgage counseling. Novadebt, A Garden State Consumer Credit Counseling Organization, is a non-profit, financial management, social service agency whose mission is to provide financial education to the public including free housing and credit counseling services to families and individuals in need. Novadebt provides exceptional counseling services that are available to the public regardless of income, financial situation, type of credit card debt or amount of indebtedness.
Novadebt is one of the HPF’s counseling partners; neutral third party resources providing education and counseling that helps homeowners overcome financial difficulties and stay in their homes. Novadebt is one of ten leading nonprofit credit-counseling agencies providing credit counseling services in partnership with the Homeownership Preservation Foundation. http://www.novadebt.org/
NeighborWorks(R) America
NeighborWorks(R) America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. To date, we have assisted nearly 850,000 low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network - more than 230 community development organizations working in 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $12.4 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals.
In October 2005, the Homeownership Preservation Foundation joined with NeighborWorks(R) America to provide grant funds to support successful face-to-face counseling provided by NeighborWorks to local homeowners. NeighborWorks(R) America’s Center for Foreclosure Solutions, together with HPF and major mortgage lenders, led the introduction of the 2007 Ad Council national campaign. http://www.nw.org/
HOPE NOW Alliance
HOPE NOW is an alliance between counselors, mortgage market participants, and mortgage servicers to create a unified, coordinated plan to reach and help as many homeowners as possible.
The members of this alliance recognize that by working together, they will be more effective than by working independently. HOPE NOW’s mission is to maximize the preservation of homeownership while minimizing foreclosures. HOPE NOW assists borrowers who have the willingness and wherewithal to remain in their homes, but need some help to do it. The goal is to keep people in their homes and when that is not possible, prevent foreclosure.
HOPE NOW efforts and the 888-995-HOPE Hotline, provided by the Homeownership Preservation Foundation, come at no cost 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. http://www.hopenow.com/