Wednesday, February 06, 2008
"HOPE hotline is working"
The survey also asked borrowers about their awareness of a national public awareness campaign aimed at encouraging borrowers to call the HOPE hotline at 888-995-HOPE. The Ad Council, NeighborWorks America, the Homeownership Preservation Foundation (HPF), Freddie Mac and a coalition of mortgage investors and lenders originally launched the campaign in June 2007 to drive calls to HPF's HOPE Hotline.
According to the survey, nearly one in four delinquent borrowers (23 percent) report seeing the ads and one in ten (9 percent) who are aware of the HOPE Hotline have made the call. HPF says the toll-free number now receives between 1500 and 3000 calls per day, up from 250 per day one year ago. More than 200,000 homeowners have called the hotline since June 25 of last year, according to HPF.
"The public service campaign is working," said Ken Wade, CEO of NeighborWorks America. "Every day, through our partnership with the Homeownership Preservation Foundation, we're helping thousands of homeowners in financial stress take steps to prevent foreclosure with the 888-995-HOPE hotline. Moreover, those homeowners who call and need additional counseling are being referred to local NeighborWorks organizations for one-on-one, face-to-face foreclosure prevention counseling."
"We're pleased that so many more people know about the HOPE Hotline and the assistance we offer," said Colleen Hernandez, President and Executive Director of Homeownership Preservation Foundation. "Homeowners need to know that they're not facing this issue alone. Contacting their mortgage company or a trusted resource like the HOPE Hotline is the first step to avoiding foreclosure. Help is available."
The 2007 Freddie Mac/Roper survey results are based on responses from 2411 adult homeowners, including 1,004 delinquent borrowers more than one month late. Roper conducted the survey by telephone from October 23 through November 14. The survey has a three percent margin of error.
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