HUD-approved Agency Help Borrowers Avoid Foreclosure Under Homeowner Affordability and Stability Plan

FOR IMMEDIATE RELEASE
Contact: Jason Karpf
805-413-2454, office
805-558-9000, cell
jasonk@homefreeusa.org

HomeFree-USA to Help Borrowers Avoid Foreclosure Under Homeowner Affordability and Stability Plan

Foreclosure counseling organization gears up across nation as federal government advises borrowers on availability of free mortgage modification assistance from HUD-approved agencies

(Hyattsville, MD, March 10, 2009) – HomeFree-USA (www.homefreeusa.org), a nonprofit homeownership counseling organization, today announced it is available to help borrowers modify mortgages and avoid foreclosure under the federal government's new "Homeowner Affordability and Stability Plan." This coincides with the Treasury Department's announcement of final guidelines and qualification terms for the plan, outlined in a March 4th press release that includes statements from Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan.

In online communications, the Federal Government has advised homeowners that they may enlist the assistance of "a HUD-approved housing counseling agency" in modifying their mortgages under the plan. This assistance is free to homeowners. With the official launch of the Homeowner Affordability and Stability Plan, HomeFree-USA, a HUD-approved agency, is providing free assistance to homeowners specific to the plan through its national network of approximately 100 primary and affiliate offices.

"Two weeks ago, the President laid out a clear path forward to helping up to nine million families restructure or refinance their mortgages to a payment that is affordable now and into the future. Today, we are providing servicers with the details they need to begin helping eligible borrowers," said Treasury Secretary Tim Geithner in a March 4th communication.

HUD Secretary Shaun Donovan reinforced Mr. Geithner's statements, saying, "This step forward represents a tremendous coordinated effort between major government and regulatory agencies to help bring relief to America's housing market and homeowners."

In response, Marcia Griffin, founder and president of HomeFree-USA said, "We are ready to help homeowners achieve mortgage relief under this ambitious new plan. We are grateful that the federal government is telling people about the availability of free assistance from HUD-approved agencies, and we are proud to be one of those agencies."

Ms. Griffin listed major facts about HomeFree-USA and its services:

• Experts in the Homeowner Affordability and Stability Plan
• Quick determination if homeowners are qualified to take advantage of the plan
• Extensive consultation with homeowners to modify mortgage payments and terms to affordable levels
• Direct negotiation with lenders to accept modified mortgages
• Loan modifications follow government guidelines, are explained in clear language, and are approved by borrowers and lenders
• No charge to homeowners; HUD-approved agency
• HomeFree-USA has helped thousands of homeowners since 1995, a history that far predates the current foreclosure crisis

Ms. Griffin concluded, "Homeowners don't have to do this alone. HomeFree-USA is a free, knowledgeable advocate to help people modify their mortgages and save their homes under the Homeowner Affordability and Stability Plan."

Information on the Homeowner Affordability and Stability Plan and final guidelines and homeowner qualifications can be found on the Web at http://www.ustreas.gov/press/releases/tg48.htm.

Homeowners can contact HomeFree-USA at (866) 696-2329. HomeFree-USA can be found on the Web at www.homefreeusa.org.

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About HomeFree-USA:
Launched in 1995, HomeFree-USA is a minority-founded, nonprofit organization specializing in homeownership counseling and foreclosure intervention. It is one of only 15 HUD-approved organizations currently receiving congressional funding to act as an intermediary between homeowners and lenders to prevent foreclosure. Based in the greater Washington, DC, area with regional offices in Atlanta and Kansas City, HomeFree-USA provides services across the country through its 91-member affiliate network of faith- and community-based nonprofit partners. The HomeFree-USA network represents approximately 1.5 million homeowners and homebuyers and enjoys a 0% foreclosure rate among families enlisting in its pre- and post-purchase counseling activities. To learn more, visit www.homefreeusa.org.