Hope and a Helping Hand

Homeowners have been in trouble for some time now and the Treasury Department is taking notice of the growing number of foreclosure signs hitting lawns all over the United States. Their response is a coalition of lenders called Hope Now that seeks to standardize the way lenders deal with homeowners and borrowers.

Borrowers may now send a request for assistance with their loans and will hear a 'yes' or a 'no' within 45 days. Within the 45 days, lenders agree to stay in touch with the borrowers by phone, email or even snail-mail. In the best of circumstances assistance will be granted by way of forbearance, restructured payments, etc. This contract between the government and the lenders is designed to do everything possible in order to keep homeowners stable and reduce the number of foreclosures that is plaguing the country.

All Hope Now members are expected to execute the new standards within 60 days. Though foreclosure is still a big issue and shows very few signs of abating supporters of Hope Now want to clarify its intent and make sure that homeowners know where to go for help in troubled times.