HPF at a Glance
Who We Are
- The Homeownership Preservation Foundation (HPF) is an independent national nonprofit social enterprise dedicated to guiding consumers onto the path of sustainable homeownership and improving their overall financial health.
- 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.
What is the Homeowner’s HOPE™ Hotline?
- HPF operates the Homeowner’s HOPE™ Hotline, 888-995-HOPE™, through which we receive up to 2,500 calls every business day.
- Through the Homeowner’s HOPE™ Hotline, HPF provides independent, readily accessible, comprehensive homeowner education and confidential holistic housing counseling 24 hours a day, 7 days a week, 365 days a year, in over 170 languages.
- Since 2007, the Homeowner’s HOPE™ Hotline has received more than 8 million calls and our Network has counseled over 2 million homeowners.
HPF served 483,419 families in 2014:
Through our Hotline – 467,096 served. This number represents those reaching out for information and assistance due to financial distress. While most families are transferred to comprehensive foreclosure prevention counseling, we also have specialized teams to meet the needs of certain profiles. Those specialized programs have served the following number of families.
- Loan Scam Alert program – 10,284 families served. The Anti-scam Campaign, in partnership with NeighborWorks America, Lawyers Committee and Federal Agencies, continues to serve thousands of homeowners each year.
- Service Member program – 7,220 families served. Launched in August of 2013 in collaboration with CFPB Office of Service Member Affairs, we have enhanced our Contact Center response to Service Members to provide more member-specific guidance and resources. Currently the team is comprised of military veterans and family members.
- Fannie Mae Non-delinquent program – 13,799 families served. HPF continued to see a consistent volume of borrowers reaching out who were current on their mortgage but financially strained. This program leveraged best practices from our post-modification protocols, addressing a family’s overall debt and lifestyle spending aimed at improving their long-term financial decision making in order to avoid default. This number represents total calls identified as Fannie Mae borrowers less than 60 days delinquent in 2014.
- Fannie Mae Document Collection program – 9,488 families served. In 2014, HPF saw a steady and expected need for our document preparation and delivery service.
Through direct outreach/warm transfer from financial service partners – 16,323 families served.
- Post-modification programming – 16,323 families served. This program represents one of our expanded services to homeowners along their housing life cycle. Our post-modification programming has been used by U.S. Treasury as the template for a national Supplemental Directive 13-06. The increased availability was marked in 2014 with the full nationwide rollout of this directive (SD 13-08).
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
Gene Spencer: email@example.com