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Mortgage Group To Step Up Homeowner AidNew guidelines will offer more aggressive help to homeowners in trouble |
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By Mark Huffman June 17, 2008
Until now, the group, formed last fall at the urging of the federal government, has issued piecemeal steps that critics charge have been less than adequate to deal with the foreclosure crises. The group, called HOPE NOW, says its members have agreed to a uniform set of procedures and guidelines that will greatly enhance the ability of homeowners to quickly receive the help they need and ensure that the assistance process is respectful, understandable, and transparent. The agreement also includes guidance for dealing with second mortgages and short sales. "These new guidelines will greatly expedite the process of preventing foreclosures," said Faith Schwartz, executive director of HOPE NOW. "The industry is committed to helping distressed borrowers stay in their homes whenever possible and these guidelines will help in that effort." The guidelines are designed to ensure that lenders are all on the same page, offering the same types of help and cutting homeowners they same amount of slack. The objective is to prevent a problem loan from sliding into foreclosure. "It's critical to remember that nobody benefits when a homeowner faces foreclosure," said Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association. "Creating these servicing procedures was the right thing to do, both for consumers and for the industry, and it's something that the HOPE NOW Alliance is entirely united on as it continues to fulfill its mission of helping as many homeowners as possible stay in their homes each and every day." The new agreement will guide member lenders in working out more favorable terms for customers who have fallen behind on their payments. The agreement also includes procedures to keep homeowners informed about the status of their request to their lender for help. Additionally, it encourages lenders to provide access to objective, independent, and free counseling for homeowners while putting in place detailed procedures that will allow lenders to reach out to homeowners who may be in danger of losing their home. HOPE NOW says its member lenders will implement the new guidelines within 60 days. Report Your Experience
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