Facing Foreclosure? (Hope NOW Alliance)

[scfr]

This morning US Treasury Secretary Paulson made a speech addressing the subprime mortgage meltdown.

He mentioned something called "Hope NOW Alliance" that was set up to help some people who are in danger of losing their homes avoid foreclosure. He said that they are targeting people who are working with solid credit, who can afford their mortgages at the lower rates, but who may not be able to afford the payments when their rates adjust. (He said that people who can afford their mortgages at higher rates don't need help, and people who can't afford their mortgages even at the lower rates will "likely become renters again" ... his words, not mine.)

It sounds like it is a cooperative effort between the government, non-profits, and the mortgage industry. It sounds like they provide counseling, advice and assistance on getting refinancing, etc.

The toll free phone number is: 1-888-995-HOPE.

I have no experience or association with this organization. I don't know if it's good or bad. What I do know is that if I was one of the people worried that I might lose my home to foreclosure, I'd give them a call....What could it hurt?

If anyone reads this and gives them a call, I hope you get the help you need. And it would be great if you could come back and give some feedback on your experience.