The major bank lenders who are already participating in the Hope Now program will announce a new plan tomorrow designed to further aid desperate homeowners facing foreclosure. Although Hope Now has been somewhat of questionable benefit to date due to its tight limits on eligibility, under this new plan, borrowers will apparently get better contact and information as they try to stave off foreclosure.
Homeowners will receive an acknowledgment within five days of making contact with their lender. Additionally, lenders will pledge to remain in close contact with the borrowers while the review of their mortgages is underway.
Unfortunately, this agreement is not planned to be legally binding.
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