Many homeowners who are facing the loss of their home often turn to modifications in order to find a more affordable home loan payment to meet their monthly income, which may have been drastically reduced due to unemployment or cutbacks in their wages. Homeowners are suffering because of various economic and financial troubles but there are assistance programs that are available to help those in need.
The Making Home Affordable Program has assisted many homeowners but there have been mixed results and many believe that lenders may be unwilling to help homeowners on a broad scale. There is also the problem that certain homeowner simply have no idea where to turn when they face mortgage trouble and began missing home loan payments.
However, the HOPE Hotline was made available to homeowners who are in need of mortgage assistance or may have questions about modification programs. The HOPE Hotline, which is used by many homeowners who are in the modification process or fear they may lose their home, is often associated with the Making Home Affordable Program.
Yet, this hotline is a home loan counseling service that is offered by the Homeownership Preservation Foundation. Many homeowners are simply in need of some direction or guidance and, as a result, use this hotline (1-888-995-HOPE) in order to find the assistance they need.
According to the July report from the Making Home Affordable Program, 1,377,095 total calls have been taken, with 104,074 coming in July alone. There have also been many borrowers who have received free housing assistance through this hotline, so numerous homeowners have greatly benefited from this counseling service.
While various modification plans and mortgage assistance options are available, there are resources like the HOPE Hotline which can either aid homeowners who are just at the beginning of their mortgage difficulties or provide information and assistance to those who are working through the modification program or other assistance plans.