Homeowners by the millions are increasingly falling behind on their mortgage payments. The most severe problem is in the states of Nevada, Ohio, Florida, and California with others following a close second after enjoying an ballooning speculative housing economy that has since popped like a birthday party. Gratefully, the mortgage lending industry has instigated its own solutions thanks to the Treasury Department through the program Hope Now, supported by counselors, services, and nonprofit community organizations. They are seeking credit worthy people who are not in financial trouble yet, but may soon be. The motivation of Hope Now is to find ways to help the borrowers stay in their homes.

Since summer of 07, the group has been successful in reworking more than a million mortgages, and the number grows each month by the hundreds of thousands.

It seems to be the best plan yet and it’s working. While Congress dances around possible solutions, Hope Now is seeing good progress.

Their mission statement is, “Maximize the preservation of homeownership while minimizing foreclosures. Assist borrowers who have the willingness and wherewithal to remain in their homes, but need some help to do it. Our goal is to keep people in their homes and when that is not possible, prevent foreclosure.”

While the program had a difficult time finding qualified counselors in the beginning, the program now has almost 40 offices with counselors who can answer the difficult questions from sinking homeowners.

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This entry was posted on Monday, July 7th, 2008 at 9:53 am and is filed under Mortgage Market. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.