HPF at a Glance
Who We Are
- The Homeownership Preservation Foundation (HPF) is a nonprofit group that helps financially challenged homeowners navigate their budget problems and, whenever possible, help them to avoid mortgage foreclosure.
- The Homeowner’s HOPE™ Hotline provides advising services to distressed homeowners for free, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages.
- HPF develops innovative and sustainable solutions to preserve and expand homeownership through consumer education and advising programs.
How Housing Counseling Helps Homeowners
- Housing counseling consistently increases the likelihood that the homeowner will be granted a loan modification (200 percent higher probability). (Federal Reserve Board of Governors presentation, 2011)
- Counseled borrowers received more favorable terms on their loan modifications compared to uncounseled borrowers (on average, $110 lower monthly payment and five basis points lower interest rate). (Federal Reserve Board of Governors presentation, 2011)
- Homeowners who receive counseling are 1.7 times more likely to cure their foreclosure than those who do not receive counseling. (Urban Institute, 2010)
- 70% of those homeowners counseled by our Homeowner’s HOPE Hotline report that they were still in their home one year later. (CCCS Greater Atlanta Study, 2009).
- Homeowners already seriously delinquent on their loans were 60% more likely to avoid foreclosure after meeting with a counselor. (Urban Institute Study, 2009).
- Homeowners who received modified loans after being counseled had their mortgage payments lowered an additional $267 more than those who got modifications without being counseled. (Urban Institute, 2010)
What HPF Knows about American Homeowners
- The average unsecured debt load of advised homeowners is $15,000. (CCCS Greater Atlanta Study, 2007)
- 55% of homeowners believe they are “underwater,” meaning they owe more on their mortgage than their home is worth. (HPF Survey, January 2010)
- 22% of those homeowners who are underwater state their home’s value is at least 20% less than their mortgage. (HPF Survey, January 2010)
- 71% of HPF-advised borrowers cite underemployment or unemployment as their primary reason for default. (HPF Data, Year End 2009)
- 88% of homeowners believe foreclosure is the last option. (HPF Survey, January 2010)
- 86% believe an individual should be committed to paying their mortgage. (HPF Survey, January 2010)
HPF Works to Thwart Mortgage Scams
- HPF has partnered with NeighborWorks America, Fannie Mae, the U.S. Department of Housing and Urban Development, the U.S. Department of the Treasury and the Lawyers Committee for Civil Rights Under Law to curb foreclosure rescue scams.
- Our Homeowner’s HOPE™ Hotline has a special unit dedicated to working with homeowners who have been targeted or victimized by mortgage scams. They are trained specifically to take information on reported scams and work with the homeowner to address any unresolved financial pressure.
- On average, 200 people per week report scams to HPF. This number is rising.
- Homeowners who have been scammed should call the Homeowner’s HOPE Hotline at 888-995-HOPE™ for immediate assistance.
What Homeowners Say about HPF
- “When I reached you I had been denied a loan modification and had two short sales denied by the bank and was looking at foreclosure proceedings starting. You spent time with me on the phone, talked me through my finances, helped me realize that I could do the loan modification per Federal guidelines, and then, and this is where I believe the biggest difference for me was, you made a three-way phone call with me, you, and my servicer.”
- “Because of my [counselor], I was not a victim of two or three scam artists who were trying to charge me $2,000 and up to $4,000… Words do not express my appreciation to him, the [counseling] agency and the better future I will have for having come across them.”
- “I really appreciate their help. I would also say that if I didn’t contact the Homeowner’s HOPE™ Hotline I would have given up.”
- “The modification process was spelled out more clearly and I was given some idea of how I could expect things to move along. Overall, I was left with a glimmer of hope; I am diligently pursuing all avenues to remain in my home.”
Endorsements and Certifications
Each of the budget advisory agencies we work with is approved by the U.S. Department of Housing and Urban Development (HUD). These HUD-approved housing advising agencies help families understand the home purchasing process, what steps to take to fix budgeting and credit problems, and how to avoid predatory lending practices.
HUD-approved agencies meet the following criteria:
- Must have 501(c)(3) tax-exempt status from the IRS (in other words, it must be a nonprofit organization).
- Must have a clear, concise, and comprehensive housing advising and education program.
- Must demonstrate that it has the resources to run a successful housing advising program.
- Must have been in existence for at least one year prior to application.
- Must actively serve the needs of its local community.
Nicole Robinson: firstname.lastname@example.org
Public Policy Contact
Sophie Link: email@example.com