HOPE NOW Conference Focused on Military Families, Mediation

HOPE NOW, the voluntary private sector alliance of mortgage industry stakeholders, recently concluded a two day conference in Washington which focused on assistance to military homeowners and foreclosure mediation. 

One group of servicers, investors, and housing counselors met with regulators, investors, and members of the military to discuss ways of reaching military families facing foreclosure because of their unique situation which includes Permanent Change of Station and other issues. A second group of HOPE NOW stakeholders met with judges, attorneys, and several state housing agencies to discuss best standards related to foreclosure mediation.

John Dalton, President of the Housing Policy Council, former Secretary of the Navy, and a panelist at the conference said "The current housing crisis has created a separate set of challenges for homeowners in the military. In order to assist these families, the Housing Policy Council,... developed several documents, including one that outlines a single point of contact for personal finance managers, housing relocation managers and JAGs (military attorneys) as they work together to save homes for families serving our country."  The documents, he said, will be implemented across the armed forces.

Faith Schwartz, Executive Director, HOPE NOW said that her organization, in cooperation with the military, has identified at least four military bases for face to face outreach events during the first half of the year and additional bases may be added during 2012.  "We look forward to the opportunity to assist military families and we hope to help solve gaps in the process that will be addressed through specialized outreach activities and streamlined processes," she said. 

Schwartz added, "We are also encouraged by the efforts of our members to improve the foreclosure mediation process and create standards that allow for quicker resolutions and better communication between servicers and homeowners."