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Consumer Calls to Mortgage Help Hotline on the Rise
Nearly 60,000 home owners in fear of facing foreclosure and seeking free mortgage counseling assistance have called the Homeowner’s HOPE Hotline at 888-995-HOPE (4673) during the third quarter of this year.
Calls to the hotline — provided by the Homeownership Preservation Foundation (HPF) and answered 24 hours a day, seven days a week by U.S. Department of Housing and Urban Development (HUD)-approved counselors — have doubled every quarter so far this year. HPF is a private, nonprofit organization based in Minneapolis dedicated to preserving homeownership and preventing foreclosures.
Home owners having trouble paying their mortgage are encouraged to call the hotline for free budgeting help, a written financial plan or assistance contacting their lender. Live online counseling is also available on the foundation’s Web site at www.995HOPE.org.
According to HPF, home owners are beginning to call for help before they get too far behind on their mortgage payments. Calling earlier increases the likelihood that they will be able to effectively manage mortgage payments and stay in their homes.
Twenty-four percent of callers in the third quarter were less than one month behind in their payments, up from 21% in the second quarter and 14% in the first, HPF reported.
“We can’t stress enough how important it is for home owners to ask for help sooner rather than later,” said Colleen Hernandez, president and executive director of HPF. “The earlier we hear from home owners, the more options we can offer to address their individual financial situations.”
Home owners who prefer face-to-face counseling can call 888-995-HOPE for a referral to their local NeighborWorks® office or other counseling organization. They can also search by state or ZIP code on the NeighborWorks® Web site.
HUD and the Department of Justice also maintain searchable lists of approved free or low-cost credit-counseling agencies on their Web sites.
For more information, e-mail Dave Ledford at NAHB, or call him at 800-368-5242 x8265.
 Attend the Fall Construction Forecast Conference on Oct. 24
Plan to attend NAHB's Construction Forecast Conference on Oct. 24 at the National Housing Center in Washington, D.C. The conference brings together the nation's premier housing economists and finance experts for an in-depth examination of the economic outlook for the housing industry.
Can't attend? Watch the conference webcast live.
For more information, or to register for the conference or webcast, visit www.nahb.org/cfc.
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