Renewed Hope Now For Foreclosure Victims
June 23rd, 2008
There is renewed hope from Hope Now for foreclosure victims. This alliance consists of a medley – lenders, servicers, investors and counselors. It is a kind of challenge for all sections to come together to execute a common programme. On 17th June they issued a set of guidelines that would be ground breaking – to say the least. However the entire exercise is voluntary and not legally binding.
It is the first of its kind as regards uniformity focusing on the foreclosure problem of borrowers losing their houses. Faith Schwartz of Hope Now said “The industry is committed to helping distressed borrowers stay in their homes whenever possible” with the hope that that the recent guidelines will boost and expedite the process of help. It will be dealing with second mortgages and short sales.
The biggest challenge before Hope Now is that with each passing day the public has become skeptical of it against the background of increased the number of foreclosure houses. It will need a lot to convince the people that Hope Now is going all out to help the foreclosure victims.
Despite the hyperbole, it is apparent that the service guidelines do not speak of anything new. It is old wine in new bottles – the same options available like forbearance, repayment plans and the like. It is nothing to be recorded as making a legend in mortgage servicing.
Well Fargo, one of the mortgage giants in the country even admitted in a roundabout way in a separate statement that tantamount to saying that they are already doing this for quite some time. So the exercise by Hope Now seems just to be reminding the public that have not forgotten their goal and are still going about it. They still want the borrowers to continue to stay in the houses that are their homes.
Hope Now was vociferous about its guidelines on second liens. It also got excited press coverage (non-financial group) on this point. But many in the industry quipped that what was being said was nothing that the industry did not already know. One bank servicer explained that what Hope Now is saying is nothing new in it. It actually boils down to a battle to win the hearts of the public as well as their houses.
Jonathan L. Kempner of Mortgage Bankers Association reminded in a recent announcement that nobody benefits from a foreclosure.
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