4 Million Homeowners Dial 888-995-HOPE for Help Avoiding Foreclosure
Homeownership Preservation Foundation’s HOPE Hotline Helps Distressed Homeowners Evaluate Options, Prevent Foreclosure
September 22, 2010 – Washington, D.C. – The Homeownership Preservation Foundation (HPF), which provides information and financial education to guide consumers toward the path of sustainable homeownership, announces today that it has helped over four million distressed homeowners through its Homeowner’s HOPE™ Hotline (1-888-995-HOPE). Since the financial crisis began in 2008, homeowners have called the Hotline seeking guidance and information about how to avoid foreclosure.
HPF’s Homeowner’s HOPE™ Hotline, which provides help with a free, comprehensive foreclosure prevention counseling service, is available to homeowners 24/7, 365 days a year, in over 170 languages. In addition, HPF provides financial education, available at www.995HOPE.org, to homeowners who lack basic essential information needed to build and maintain good credit, develop a budget, buy a home, and be prepared for the full costs of sustainable homeownership.
“The foreclosure crisis that we are facing has had a far reaching and severe impact on the housing industry and the economy, but none more devastating than on individuals and families who face foreclosure,” said Colleen Hernandez, CEO of the Homeownership Preservation Foundation. “While HPF is proud to be the trusted ally that four million distressed homeowners have turned to, at the same time, it is alarming to know that more families than ever need help resolving their mortgage and financial issues,” said Hernandez.
“Homeowners who call the Hotline find the support and information they need. Based upon the surveys of the homeowners we’ve counseled, we know that 86 percent said they were better able to understand their options after talking with our counselors,” said Hernandez. “While it’s generally known that distressed homeowners find it difficult to obtain information and assistance from their servicers, we know that 50 percent of those surveyed said they made direct contact with their servicer with the help of our Hotline counselors and 34 percent said their servicer was more willing to work with after they had been counseled,” said Hernandez.
The Homeowner’s HOPE™ Hotline has received over 122,000 calls per month in 2010, or over 5,500 calls from homeowners each day. The Hotline received more than 1.77 million calls in 2009 and 1.3 million calls in 2008.
“The volume of calls to HPF is a strong indication of the value that distressed homeowners receive through independent, third-party, foreclosure prevention counseling. Through its partnership with the U.S. Department of the Treasury, Fannie Mae, Freddie Mac, private investors, the U.S. Department of Housing and Urban Development and NeighborWorks America, HPF has demonstrated the success and the strength of public and private partnering in helping to alleviate this crisis,” said Bruce Paradis, founder and Chairman of the Board of HPF.
“Home foreclosures have had a profound effect on the economy, reducing job growth, hurting tax revenues and hitting consumer spending. The Homeowner’s HOPE Hotline is the first step to help homeowners regain control of their financial situation. Working to help homeowners avoid foreclosure is a positive step toward restoring the confidence of consumers, businesses, and U.S. financial markets, which will provide a needed boost to our economy,” said Paradis.
About the Homeownership Preservation Foundation
The Homeownership Preservation Foundation (HPF) is an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure. Through its Homeowner’s HOPE™ Hotline, 888-995-HOPE™, HPF provides comprehensive homeowner education and foreclosure prevention counseling for free, 24 hours a day, 7 days a week, 365 days a year, in over 170 languages. Since 2007, HPF has served over four million distressed homeowners, an average of 5,500 persons each business day, who depend upon HPF as a trusted, neutral source of assistance. HPF develops innovative and sustainable solutions to preserve and expand homeownership through consumer education and counseling programs. For more information about the Homeownership Preservation Foundation or the Homeowner’s HOPE™ Hotline, please visit www.995hope.org
Homeownership Preservation Foundation