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2007-09-04 07:03:00

NeighborWorks America Welcomes Bush's Call for Homeowner Help

NeighborWorks America welcomed the call by President Bush to create a Foreclosure Avoidance Initiative. Through the initiative, the Administration will enlist groups like NeighborWorks that offer foreclosure counseling and refinance opportunities to identify homeowners struggling to make their monthly mortgage payments, help them understand their financing options and find a solution before its too late.

The worst thing that a borrower who is facing mortgage trouble can do is to do nothing. That's why NeighborWorks America supports the HOPE Hotline (1-888-995-HOPE), a confidential, toll-free foreclosure prevention hotline, established by the Homeownership Preservation Foundation.

The hotline has received more than 60,000 calls to date. Families who are facing mortgage trouble should know that the phone will be answered and help with information to avoid foreclosure is on the other end, in Spanish and in English. In the current climate, there is an urgent need for nonprofit counseling, and funding for that counseling.

The hotline and its associated Public Service Announcement campaign, in partnership with the Ad Council, is supported by a broad base of mortgage lenders, investors, insurance companies and legal service firms working together to create sustainable solutions.

About NeighborWorks America

NeighborWorks America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing. To date, we have assisted nearly 850,000 low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ― more than 235 community development organizations working in 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $12.4 billion in reinvestment in these communities.

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