Posted on Friday, December 3, 2010
The Homeownership Preservation Foundation (HPF) released on Tuesday reports of a 14.2 percent decrease in calls to its Homeowners’ HOPE Hotline.
The hotline (1-888-995-HOPE) provides free, comprehensive homeownership education and foreclosure prevention counseling.
In October the hotline received 125,248 calls from distressed homeowners, down from September’s 145,993 calls, which is the highest number of calls for one month year to date.
Despite the decrease, the October call volume was seven percent higher than the volume in October 2009. The states with the largest call volume in October were
California with 23,662 calls, followed by New York, Texas, and Georgia.
“We have seen fluctuations in call volume over time, often related to the number of foreclosures, which decreased last month,” said Colleen Hernandez, CEO of HPF in a statement. “The number of U.S. homes seized by banks decreased by more than a third in October after loan servicers imposed a moratorium to probe whether repossessions were properly conducted.”
Callers to the HOPE Hotline have the option to participate in HPF’s five-step counseling processes, which is tailored to help them move toward sustainable homeownership and often provides an opportunity to work with their servicer to avoid foreclosure.
The hotline is staffed by more than 600 HUD-approved housing counselors.
The D.C.-based HPF also provides a financial education online toolbox that includes financial education videos, a Homeowners HOPE guide to saving money, a glossary and External resource links.
Hernandez continued, “We encourage homeowners who are at risk to call the Homeowner’s HOPE Hotline as early as possible, despite the status of any moratorium, in order to stay on top of their mortgage situation. More options are available if homeowners call at the first sign of trouble, and more than 70 percent of distressed homeowners remain in their homes a year after counseling.
By: Joy Leopold