If You’re Looking for Mortgage Help, there is HOPE

I read the paper version of the - well, newspaper - today; the Baltimore Sun to be exact. In the real estate section, I read a short article about the various loan modification programs being offered by Freddie Mac, Fannie Mae and, on a much more responsible level that DOESN’T induce people to become deadbeats, Citigroup, Inc. I’ve already blogged about those issues, of course, but one thing that caught my attention in the article, and something that I wasn’t aware of until today, is a website/program called Hope Now.

Directly from the Hope Now website:

HOPE NOW is an alliance between HUD approved counseling agents, servicers, investors and other mortgage market participants that provides free foreclosure prevention assistance.

This is, essentially, a “clearinghouse” for consumers to learn more about loan modifications, getting hlep paying their mortgages, etc. Also noted are the lenders participating with Hope Now. For our blog readers, I’ve noted those lenders and their contact information. This all comes directly from the Hope Now website.

Hope Now also notes that when you speak with your lender or a member of their group, you will be asked a series of questions, including the following:

• Name
• Address
• Telephone number
• Email Address
• Servicer’s Name
• Loan Number
• Current Income and Expenses
• Reason for Default
• Is the loan in bankruptcy? (if yes, you will need to provide the names, location, case number, and attorney).
• Is the property owner occupied?

To learn more about this, I actually called Hope Now at 1-888-995-4673 (HOPE) to find out what one can expect. Luckily, I’m not currently having any issues paying my mortgages, but I like to understand things (and report on them). What I got when I called (I gave them information about a mortgage on a rental property that I own) was a series of four questions. Specifically, the folks there wanted to know a) if I was having difficulty paying my mortgage, b) what the zip code of the property was, c) what the loan number was and d) who the servicer was. After relaying all that to them I was forwarded to a “free consumer credit counseling” service located in Atlanta, GA (one of many working with Hope Now, free of charge, according to the man who answered).

From that point, I didn’t continue because it was noted that the process would take 30 minutes (I like investigating, but not THAT much) and it was fairly clear that my overall financial situation was going to be looked over with a fine-toothed comb. This is a good thing if you’re actually having mortgage payment difficulties, so I would recommend calling Hope Now without rervation. I would, however, recommend first calling your mortgage servicer because it’s likely that you’ll get a more direct response and solution. As noted, the phone numbers and websites of the participating mortgage servicers are above.

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