Magazine article Nation's Cities Weekly

National and Federal Resources Aid Response to the Home Foreclosure Crisis

Magazine article Nation's Cities Weekly

National and Federal Resources Aid Response to the Home Foreclosure Crisis

Article excerpt

Recent reports reveal that overall foreclosure activity increased by 75 percent in 2007, and last December marked the fifth straight month that more than 200,000 foreclosure filings were reported nationally.

The following are foreclosure mitigation resources that may be beneficial for local elected officials to know.

HOPE NOW

HOPE NOW is a voluntary alliance of housing counselors, mortgage lenders and servicers, investors and other mortgage market participants that are coordinating efforts to reach out and assist homeowners in distress. The alliance, including such large lenders as Wells Fargo Home Mortgage, Countrywide and Bank of America, as well as Fannie Mae and Freddie Mac, was formed by the Department of the Treasury and the Department of Housing and Urban Development.

HOPE NOW operates a nationwide helpline, (888) 995-HOPE, that places homeowners in contact with qualified housing counselors. More information on HOPE NOW can be found on its website at www.hopenow.com.

NeighborWorks America

NeighborWorks America and its network of 240 local organizations have been at the forefront of efforts to preserve homeownership and sustain communities in the face of rising foreclosures.

Last December, NeighborWorks America launched a $180-million program with funds appropriated by Congress to increase the availability of foreclosure counseling services across the country. In addition, NeighborWorks America has partnered with the Ad Council to create a national public service awareness campaign that is available for any community.

Foreclosure resources offered by NeighborWorks America can be found at www.nw.org/net work/foreclosure/default.asp.

The Homeownership Preservation Foundation

The Homeownership Preservation Foundation is a nonprofit participant in the HOPE NOW alliance that partners with local governments, nonprofit organizations, borrowers and lenders to help families overcome obstacles that can result in the loss of their homes. …

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