What is the Hope Now Alliance?

Hope Now is a group who is currently trying to provide foreclosure help to borrowers who are late on their payments. HOPE Now according to its website is “an alliance between counselors, mortgage servicers, investors, and other mortgage market participants to maximize outreach efforts to at-risk homeowners and help them stay in their homes.” HOPE Now is being promoted as a place where borrower can receive foreclosure help to stay in their homes.

HOPE Now provides foreclosure help by providing a phone number where borrowers who are late on their payments can call and talk to a counselor regarding their loan and ways they can receive foreclosure help . The website also provides foreclosure help through providing links where borrowers can find out more foreclosure help information. The website provides the phone numbers of different mortgage servicers who borrowers can call to discuss their mortgage and their situation and seek help from the servicer.

Getting foreclosure help and stalling foreclosure through contact with the servicer is easy. The mortgage servicer can usually provide foreclosure help to the borrower by offering eligible borrowers loan modifications, repayment plans, and other help relating to their particular situation. In most cases, the servicer is willing to work with borrowers who want to stay in their homes, because it is cheaper for the servicer to keep a borrower in their home, than going through foreclosure.

If the borrower does not want to keep the property, the servicer can provide foreclosure help through other options to avoid foreclosure such as cash for keys, or a deed in lieu. Once again it is cheaper for the mortgage servicer to voluntarily have the borrower leave, than have a lengthy eviction process.

Hope Now is just one more option where borrowers can receive foreclosure help.

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