Foreclosure Hotline Running Low On Staff
By Jay Fleischman, New York Foreclosure Defense Lawyer on Jan 9, 2008 in Mortgage Reform
CNNMoney.com is reporting that month after the Bush Administration announced a plan to help troubled homeowners, Consumer Credit Counseling Service of Greater Atlanta has plans to hire about 130 new staff members to cope with the increased demand for services.
Last month, the Bush Administration unveiled a foreclosure relief plan that included a five-year freeze of interest rates for borrowers current with their monthly payments. The plan was intended to streamline the mortgage modification process for many distressed borrowers. As part of the plan, homeowners facing foreclosure were pointed to the Hope Now Alliance – a coalition of nonprofits, lenders, and investors. After the plan was announced, calls into the HOPE hotline skyrocketed, according to Homeownership Preservation Foundation.
The foundation says that the hotline handles about 1,500 calls per day with jumps of up to 3,000 per day after major media coverage.
CCCS has received such a large increase in calls, that it had to limit its services only to customers who were delinquent on their mortgage payments, referring other customers who were not delinquent to their own lenders.
CCCS and five other non-profit mortgage foreclosure counseling agencies provide services through a the 24-hour Hope Now Alliance hotline (1-888-995-HOPE). The hotline provides homeowners with over-the-phone foreclosure-prevention counseling.
Source: CNNMoney.com
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