Thursday, Aug 4 2011 1:55PM
HOPE NOW Alliance Executive Director Faith Schwartz praised mortgage servicers and nonprofit organizations which provide foreclosure counseling for at-risk homeowners.
HOPE NOW Alliance Executive Director Faith Schwartz testified to the Senate Committee on Banking, Housing and Urban Affairs recently regarding the efforts of mortgage servicers and nonprofit organizations to provide foreclosure counseling for at-risk homeowners.
"HOPE NOW member companies and organizations support the improvement of the customer experience in mortgage servicing, and have been actively attempting to make the system work better for customers as they wrestle with an unprecedented number of delinquent loans," said Schwartz.
However, Schwartz added more can be done to help borrowers pay off their mortgages. Specifically, she stated mortgage servicers should establish a single point of contact for borrowers and improve the process for evaluating borrowers for a loan modification before a foreclosure can occur.
One state in which increased counseling could be very helpful is Idaho. The Idaho Housing and Finance Association recently reported the state has one of the highest bankruptcy rates in the country.