Homeownership Preservation Foundation Applauds Announced Expansion of National HAMP Foreclosure Prevention Program
WASHINGTON, D.C., January 27, 2012 – The Homeownership Preservation Foundation (HPF), an independent national nonprofit dedicated to helping distressed homeowners navigate financial challenges and avoid mortgage foreclosure through its Homeowner’s HOPE™ Hotline at 888-995-HOPE™, released the following statement in response to today’s announced expansion of the Home Affordable Modification Program (HAMP), the Federal government’s national foreclosure prevention program:
“Today’s joint announcement from the U.S. Treasury and Housing and Urban Development (HUD) departments to expand and extend the HAMP initiative is strongly applauded by HPF, particularly in light of reported projections that foreclosure activity will increase this year,” said Colleen Hernandez, CEO of the Homeownership Preservation Foundation.
“There are currently millions of distressed homeowners fighting foreclosures. They are in desperate need of meaningful assistance, both in terms of reliable information about their options and financial relief brought about by mortgage loan modifications. The HUD-approved counselors at our HOPE Hotline have been working around the clock every day of this crisis to take care of that first need and stand ready for the increased demand today’s announcement will likely generate. As for their need for financial relief, the HAMP eligibility expansions and principal reduction incentives being introduced will undoubtedly help facilitate that outcome for a great many deserving homeowners.”
Ms. Hernandez added: “These HAMP changes will provide much-needed assistance to a greater number of troubled borrowers, ultimately helping them back on the path toward sustainable homeownership. Given that the strength of the housing sector is critical to the overall health of our economy, today’s announced HAMP expansions are good news for everyone, not just the troubled homeowners they will directly impact.”
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. HPF guides consumers onto the path of sustainable homeownership and develops innovative solutions to preserve and expand homeownership. Through its Homeowner’s HOPE™ Hotline, 888-995-HOPE™, HPF provides comprehensive financial education and confidential 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 more than five million distressed homeowners, an average of 5,500 each weekday, who depend upon HPF as a trusted, neutral source of information and assistance. For more information about the Homeownership Preservation Foundation or the Homeowner’s HOPE™ Hotline, please visit www.995hope.org