Alert July 01, 2008

HOPE NOW Adopts Guidelines Aimed at Expediting Foreclosure Prevention

HOPE NOW, the industry alliance of mortgage lenders, servicers, investors, and counselors, announced that its servicer members have agreed to a uniform set of guidelines that are designed to expedite the process of preventing foreclosures. The guidelines establish a common set of principles on the possible foreclosure prevention alternatives, including loan modifications, repayment plans, partial claims, and temporarily suspending monthly payments. The guidelines also include procedures to keep homeowners informed about the status of their request to their servicer for help. Click here for the guidelines.