President Bush's HOPE NOW initiative is a voluntary accord entered into by lender's, loan servicers, and mortgage investors to help borrowers who face default when their subprime adjustable-rate mortgage resets at a higher rate. The most prominent part of the intiative is an interest-free freeze that would give borrowers facing an unmanageable interest-rate hike the time to work out a solution.

If you or someone you know has a SUB-PRIME adjustable rate mortgage, the borrower should contact the HOPE NOW hotline at 1-888-995-4673. The hotline can assist the borrower in contacting a HUD-approved counselor affiliated with the non-profit Homeownership Preservation Foundation. The counselor's main job is to explain what options are available to the borrower, based upon the borrower's situation.

When you call, plan on 30 mins to an hour for the call. Information to have available when you call:
Monthly Income and Debts
House payment breakdown
Current interest rate
Current lender and loan #
Loan documents showing the date of the original loan and the date the ARM rate may change.
Your closing package from the title company

www.hopenow.com
1-888-995-HOPE