Industry News

New real estate foreclosure hotline launches

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A nonprofit agency formed in 2004 through a $20 million contribution from a General Motors Acceptance Corp. subsidiary has launched a toll-free hotline for homeowners facing foreclosure, according to an announcement today. The hotline, (888) 995-HOPE, and associated Web site, www.995HOPE.org, were launched by the Homeownership Preservation Foundation. This group, created through a donation by GMAC-RFC, "assists homeowners regardless of whichever mortgage company handles the loan. To offset the costs of the financial counseling sessions, the Homeownership Preservation Foundation seeks the financial assistance of mortgage companies for participating in the program," according to the announcement today. The GMAC family of companies also includes GMAC Real Estate, a company with about 1,300 franchised and company-owned offices and about 20,000 sales associates; GMAC Global Relocation Services; and GMAC Mortgage, one of the largest mortgage companies in the country, among other companies....