According to the most recent news from the Hope Now alliance -- a new set of procedures and guidelines have been set that will help homeowners quickly receive the help they need -- before they go into foreclosure.

According to Hope Now, "The guidelines establish a common set of principles on the possible foreclosure prevention alternatives including loan modifications, repayment plans, partial claims, and temporarily suspending the need to make monthly payments."

"It's critical to remember that nobody benefits when a homeowner faces foreclosure," said Jonathan L. Kempner, President and CEO of the Mortgage Bankers Association. "Creating these servicing procedures was the right thing to do, both for consumers and for the industry, and it's something that the HOPE NOW Alliance is entirely united on as it continues to fulfill its mission of helping as many homeowners as possible stay in their homes each and every day."

For more information, check the Hope Now website.

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Published: June 18, 2008

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