One of the best pieces of advice to come out of this foreclosure/short sales/mortgage fiasco came from "Hope Now". This group is formed from representatives of America's largest mortgage service's. Hope Now is comprised of a private group based in Washington and their objective has been to try and halt the flood of foreclosures in order to help people keep their homes.

If you feel you may be approaching foreclosure, contact Hope Now: details are on their web site. They can also be found through the U.S. Department of Housing and Urban Development web site. Hope Now can only help before foreclosure or short sale proceedings start. Their first report shows that they have helped 870,000 people in a six month period.

In the last six months of 2007, these homeowners were helped either by re-scheduling their payments or by modifying their loan terms. Help can come in the form of freezing mortgage rates, extending payment periods, counseling and postponing or eliminating scheduled rate reset increases.

Although hundreds have been helped, there has been criticism in Washington that home owners are not getting enough help from Hope Now. The group was formed with the collaboration and the encouragement of the Department of the Treasury and the Department of Housing and Urban Development, however it is not a government organization.

During the same six month period, over 289,000 homeowners could not be assisted. Hope Now defended itself, saying that its members service 33.3 million home loans, and that those critics on Capitol Hill were working on incorrect information.

Hope Now would like to offer a valuable piece of advice to all homeowners facing foreclosure. Anyone who feels that they are unable, or will soon be unable, to keep paying their mortgages should know this: Your Lender does not want to re-claim your home.

Your Lender wants you to be able to pay for the home. To this end, your lender/bank/mortgage broker must be told as soon as possible that you are experiencing difficulties. The lender is the person most likely to be able to help you.

He may even help you to make contact with Hope Now, or he may take the initiative and adjust things between the two contracts himself. Your Lender or mortgage service does not want another foreclosed property on his books.

If you have an interest rate hike coming up, and you know that it will spell the end of your mortgage paying days, go and see the Lender now. Stop avoiding the phone calls or letters and phone them; say you need help. They probably know you need help - they may even have a plan half worked out.

It is very possible that you and your Lender can work your way through this together.

More info on your stop foreclosure information search:

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