MAY 2010 O
MICHIGAN MORTGAGE PROFESSIONAL MAGAZINE
O www.NationalMortgageProfessional.com
By Eric C. Peck
12
Most of the stories are similar … your will be a more effective force than by and deal with a live person and not just Home Mortgage Servicing Inc., Aurora Loan average American family with two work- working solo. leave an endless number of voicemails.” Servicing, Bank of America/Countrywide, ing parents and two to three children, HOPE NOW, along with co-sponsors Since 2008, HOPE NOW has hosted Carrington, Chase/Washington Mutual, Citi, living in a modest home are beginning the Making Home Affordable Program 60-plus homeownership outreach GMAC/Homecomings, Home Loan Servicing to feel the crush of economic hardship and NeighborWorks America, have events, assisting approximately 59,000 (HLS), HSBC, Litton Loan Servicing, Ocwen, One firsthand through the families in the process. West Bank/IndyMac, PNC Mortgage/National threat of losing their When an event is on the City, Saxon, Select Portfolio Servicing and Wells home. The ripple effect horizon, HOPE NOW noti- Fargo/Wachovia who sent along approved of high unemployment fies area lenders and counselors to reach out to their customers. rates in struggling to surbanks. In turn, the banks “There are a lot of borrowers out there vive as a homeowner in and lenders send out who are confused about the whole process the 21st century has mailings to their cus- and need our help,” said Jamie Holland, wreaked havoc on the tomers to notify them of compliance manager with Ocwen. nation, thrusting foreclothe opportunity to meet Not all homeowners are guaranteed sure and bankruptcy one-on-one with a trained a home-saving conclusion, and that too rates into record high housing counselor at the was the case at the New York event. For territories. Help for Homeowners every success story, whether it be qualForeclosure intervenCommunity Event. If a ifying for a loan modification or obtaintion by financial institucustomer’s lending insti- ing a temporary forbearance, there tions and governmental tution happens to not be were stories with unhappy endings as it mediation through proon hand for the event, was either too late to save a consumer’s grams such as the Home Lenders set up shop at Nassau Coliseum to meet one-on-one with consumers are paired up home and the realization of a short Affordable Modification homeowners with non-profit housing sale, deed-in-lieu or foreclosure started Program (HAMP), has counselors who assist the to become a reality. been a bumpy road for many. Some organized a number of “Help for homeowner through their situation. A man by the name of Bob was one attribute it to the big banks, often stub- Homeowners Community Events” on Homeowners are given a checklist of such success story. He came to the event born in nature in providing a home- their road show that bring the banks paperwork to bring in order to see if seeking a reduction in his monthly owner with foreclosure relief as they and servicers together, face-to-face, they qualify for HAMP or other alterna- mortgage payments which stood in the deal with the training and implementa- with homeowners looking for solutions tives from their lender. $2,400 range. The loss of his wife’s job tion of their loan modification pro- to their problems. The common com“The personal contact a congrams, as other chalk the issues up to plaint from a customer seeking a modi- sumer has with a housing counbureaucratic red tape that is binding fication is the chain of voicemails and selor is a plus,” said Alvina the government’s efforts to step in and departments they have to deal with and McHale, director of communicahelp the struggling U.S. homeowner. No the mountain of paperwork required in tions and marketing for the U.S. matter where the finger is pointed, the order to get the modification process Department of the Treasury. problem remains … scores of started. “These events are a win-win situAmericans each day are slowly sinking “Locations for these outreach events ation for all involved as the borunder the weight of wage loss and are determined by the amount of rower can discuss their situation mounting expenses with the inevitabil- HAMP activity in a particular region, directly with their financial instiity of eventually losing their home. and then, an easily accessible and cen- tution.” That is where the HOPE NOW Alliance tralized location is selected to house At day one of a Help for is trying to make a difference. HOPE the event,” said Brad Dwin, director of Homeowners Community Event, held NOW is an alliance between counselors, communications for the HOPE NOW in late April on Long Island, N.Y. in Alvina McHale, director of communications and marketing for the U.S. Department of mortgage servicers, investors and other Alliance. Uniondale at the Nassau Veterans mortgage market participants with the “Face-to-face contact and personal Memorial Coliseum, 646 cases were the Treasury, with Jamie Holland, complicollective goal of maximizing outreach interaction is important in a situation as heard in a four-hour span by the ance manager with Ocwen, at the New York efforts to homeowners in distress to delicate as this,” said one homeowner at lenders on hand. The doors for the Help for Homeowners Community Event help them stay in their homes. HOPE a recent New York Help for event opened at 1:00 p.m., with NOW’s nearly 70 member companies Homeowners event. “We really got many lining up as early as 6:00 a.m. in order due to a layoff made the family’s finanrecognize that by working together to nowhere dealing with our bank by the to meet with their lender. On hand for this cials an issue and Bob was no longer stamp out the foreclosure crisis, they phone, at least we can come here today particular New York event were: American able to keep up with payments. He visit-