The federal government and major industry players are taking a hard look at an what seems to be an impending foreclosure tsunami.
A recent announcement by the federal government and participating lenders regarding the formation of a group called "Hope Now" indicates relief may well be on the way. The group, consisting of banks and major lenders will help to improve assistance to troubled mortgagors.
The Mortgage Loan Search Financial Network reports growing use of resources designed to help home owners experiencing mortgage default. The sites located at http://www.bcpl.net/~ibcnet/index-foreclosure.html features step-by-step guides to prevent foreclosure.
The Hope Now alliance is made up of all major mortgage servicers. These servicers handle 60 percent of the mortgages in the U.S. Federally approved credit counseling organizations are an important part of the network. The website is located at www.hopenow.com. Users are helped to ID their servicers (i.e., look on your mortgage statement). Several approved credit counselors are provided along with links to foreclosure information.