Friday, October 26, 2007

New Program to Help Home Owners Avoid Foreclosure

From NAHB reportsa new program called “HOPE NOW” announced this week by Treasury Secretary Henry Paulson and HUD Secretary Alphonso Jackson will help American families avoid foreclosure and stay in their homes. The initiative brings together foreclosure prevention counselors, mortgage servicers and other mortgage market participants in an alliance to help home owners who are facing default. It will provide at-risk borrowers with information and resources that will allow them to keep their home by restructuring the terms of their mortgage or pursuing other options available to them.

NAHB has strongly encouraged and supported recent efforts of the mortgage industry to provide foreclosure prevention counseling and assistance to borrowers who have encountered mortgage difficulties. A hotline established to assist borrowers facing foreclosure has been publicized through NAHB’s web site and in communications to our state and local HBAs. NAHB will continue to publicize foreclosure prevention resources in communities throughout the country and work with HOPE NOW to help expand its outreach efforts.

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