Hope Now: Housing Assistance Coalition
Hope Now, the housing assistance coalition, has assisted more than one million households struggling with foreclosure. It’s important to note that approximately 278,000 of these cases involved loan modifications. Modifying the terms of a mortgage loan can help homeowners maintain their payments by eliminating rapid rate increases, negative amortization and other “exotic” terms that can make it difficult for homeowners to make payments once the initial period of very low payments expires.
Mortgage lenders are offering the majority of financially troubled homeowners a repayment plan, which does not address the consequences of rapidly escalating mortgage loans or negative equity created by negative amortization.
Tags: Hope Now, Housing Assistance Coalition, housing market, mortgage, mortgage counseling, mortgage industry changes, mortgage lenders, mortgage rates, US economy
