HOPE Now, a mortgage industry alliance assisting homeowners in distress, helps prevent foreclosure. Currently, many homeowners are receiving help through HAMP, HARP and Making Home Affordable Program in conjunction with HOPE Now.
Initially, members of this voluntary alliance proposed these 3 ways to help American homeowners avoid foreclosure...
1. Refinance an existing subprime mortgage into a new home loan.
2. Extend current interest rates for 5 additional years, the so-called 5 Year Freeze.
Today, HOPE Now provides free foreclosure assistance and housing counseling services for homeowners who cannot afford monthly house payments.
1. How do I know which option is best for me?
2. Can my interest rate adjust at any time in the future?
3. Will my monthly payment remain the same?
4. Are there any prepayment penalties?
5. Am I required to refinance in the future?
6. Will any deferred interest be added to my mortgage balance?
7. Do these options cost me?
Although several years have passed since the inception of HOPE Now, homeowners can still contact HOPE Now using the toll-free hotline at 1-888-995-HOPE. Be encouraged. Homeowners in distress can have a new beginning.
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