Foreclosure PSAs

Homeowners in financial trouble are about to start getting some friendly, helpful advice from their mortgage lenders. Beginning in July, public service announcements will hit television, radio, print, and web audiences urging homeowners in financial trouble to call the Homeowner Preservation Foundation hotline.

The toll-free mortgage advise phone number, (888)995-HOPE, was created as a joint effort between the nation’s biggest competing lenders to help stop them from losing approximately $30,000 on every mortgage that they are forced to foreclose on this year. Homeowners will receive advice on how to stop their foreclosure and will be put in contact with resources at their lending institution.

With an estimated $30 billion in national foreclosure losses expected this year, Mortgage lending-related businesses and organizations have come together to join the NeighborWorks' Center for Foreclosure Solutions. According to Inman News, “The list of partners in NeighborWorks' Center for Foreclosure Solutions reads like a who's who of mortgage lending. It includes Countrywide Home Loans, Washington Mutual, Bank of America, Option One Mortgage Corp., Chase, Citi, EMC Mortgage Corp., GMAC Rescap, HSBC North America, Ocwen Loan Servicing LLC, National City Mortgage, American Financial Services and SunTrust Mortgage.”

Additionally, the list of government-funded participants includes Fannie Mae and Freddie Mac, and mortgage industry groups such as Mortgage Bankers Association and the Housing Policy Council.

The purpose of the advertising is to encourage homeowners who are in financial trouble to get I contact with their lender instead of avoiding them. Apparently the hotline is working well because the organization is expecting to receive nearly 15,000 calls in the month of July alone!

If you or someone you know is facing foreclosure on their home, please encourage them to make a free call to (888)995-HOPE.