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Repo Homes Prevention Plan Sets Off Hotline Calls

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By : John Cutts    99 or more times read
Early this month, President Barack Obama unveiled his repo homes prevention plan to address the growing foreclosure crisis in the country.

The “Making Home Affordable” Plan is part of the $275 billion repo homes prevention plan aimed at helping about 5 million owners of distressed properties.

After Obama made his announcement, the Homeownership Preservation Foundation (HPF) reported a remarkable increase in the number of calls received by its Homeowner’s HOPE Hotline.

Since Obama’s announcement of his repo homes prevention plan, over 124,000 distressed homeowners have telephoned the hotline. This means that over 13,500 calls from distressed homeowners are received by the hotline daily since the announcement.

The number of calls is three times the average volume of daily housing counseling assistance calls received by the hotline before Obama disclosed his repo homes prevention program.

HPF executive director and president Colleen Hernandez said that Obama’s plan to reduce the number of repo homes has prompted distressed homeowners to seek assistance to save their properties from foreclosures.

According to Hernandez, the HPF’s hotline is the only program that provides housing counseling assistance to distressed homeowners anytime of the day for free. The housing counseling assistance is handled by agencies accredited by the Department of Housing and Urban Development.

Aside from an all-day, all-week free assistance, counseling is given in 21 languages, including English and Spanish.

Since the start of the year, the HPF hotline has received over 390,000 calls from owners of distressed properties, a significant increase from the estimated 20,000 calls homeowners made during the first quarter of 2007.

Furthermore, the HPF reported 1.2 million telephone calls to its counseling service in 2008. It is estimated that the HPF hotline will receive over 1.5 million telephone calls if the present trend continues until the end of the year.

Hernandez explained that the rise in the volume of calls indicated the demand for free housing assistance such as the quality service provided by the nonprofit organization and its hotline.

She urged distressed homeowners to be patient in the face of enormous calls received by the HPF’s foreclosure prevention hotline.

She pointed out that the organization is committed to providing quality assistance to as many distressed homeowners as possible and to work immediately to be able to save troubled properties from foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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