Lender Coalition Makes Effort to Help Owners in Default - CNN
An alliance of mortgagors known as “Hope Now” presents new lender guidelines aimed at helping consumers with their foreclosure problems by making it easier for borrowers to communicate with their lenders, urging negotiation between banks and borrowers, encouraging short sales, strengthening documenting methods, and even going as far as to suggest that banks simply “forgive” secondary lines of credit.
“Hope Now members agree to more streamlined, uniform approach to foreclosure prevention. But community advocates say it isn’t enough.”
By Les Christie
June 17, 2008“NEW YORK (CNNMoney.com) — Life may get a little bit easier for troubled borrowers.
“Hope Now, the alliance of lenders, mortgage servicers, investors and community advocacy groups put together to fight the foreclosure epidemic, announced new guidelines Tuesday that should help speed up the process of helping borrowers who are trying to hang onto their homes.
“‘It may not be a panacea, but it will help a lot of people and lay a strong foundation for recovery,’ said Jonathan Kempner, president and CEO of the Mortgage Bankers Association.”
Read More of this article, “Housing Rescue Group Steps up Efforts,” at CNNMoney.com.
Copyright 2008 CNN
Tags: foreclosure homes, short sale
