Hope Now to send out letters to borrowers
I’m still unclear on how Hope Now works and who is involved but it looks like the United States Postal Service will like them.
Borrowers should still contact their local housing counseling organization or community group for assistance as they will know the local resources available to homeowners.
Congress asked to help contact at-risk borrowers By Robert Schroeder, MarketWatch Nov 2, 2007
WASHINGTON (MarketWatch) — A top U.S. Treasury official asked for congressional help Friday in reaching out to borrowers with risky mortgages. Robert Steel, undersecretary for domestic finance, said in prepared remarks to a House Financial Services Committee hearing that a direct-mail campaign to at-risk borrowers is starting up Nov. 19. Steel told lawmakers that a group called “Hope Now” — composed of mortgage servicers, lenders and counselors — is reaching out to borrowers to educate them about refinancing options. “When you are home in your districts over the weekend or for the holidays, please tell your constituents about this mail campaign,” Steel said. “Tell them it is OK to contact Hope Now for assistance.”
More than two million subprime mortgages are expected to reset to higher interest rates in the next 18 months. [click on above link for full story]
Filed under: Uncategorized | Tagged: foreclosure prevention, Hope Now
