HOPE NOW alliance announces "Streamlined Modification Plan"

November 14, 2008, 6:27 am

New help for distressed homeowners comes in the form of a "Streamlined Modification Plan."

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Springboard is part of the HOPE NOW alliance, which includes mortgage servicers, investors, other non-profit organizations and counselors. Working with the U.S. Treasury, the Federal Housing Finance Agency, Fannie Mae, Freddie Mac, and a number of major mortgage loan servicers, HOPE NOW has helped develop a new program to help homeowners in trouble stay in their homes.

The new "Streamlined Modification Plan," or SMP, will direct lenders to use an expedited process to modify a mortgage to offer the homeowner more affordable payments.

For more information about the SMP, download this fact sheet or call HOPE NOW at 888-995-HOPE.

SPRINGBOARD® Nonprofit Consumer Credit Management is a 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is a HUD-approved housing counseling agency and a member of the National Foundation for Credit Counseling, a national organization of nonprofit credit counseling agencies, and a member of the Association of Independent Credit Counseling Agencies. The agency offers personal financial education and assistance with credit counseling, housing counseling, debt and money management through educational programs and confidential counseling. Springboard is accredited by the Council on Accreditation, signifying the highest standards for agency governance, fiscal integrity, counselor certification and service delivery policies. The agency provides pre-bankruptcy counseling and debtor education as mandated by the bankruptcy reform law. The agency offers nationwide phone counseling services and has locations in California, Arizona, Nevada, New Mexico, Texas, South Carolina and Massachusetts for in-person counseling sessions. Not all types of counseling are available in-person at all locations, please call for details. For more information on Springboard, call 800.449.9818 or visit their web site at www.credit.org.

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