Lenders pony up $1M to produce foreclosure-prevention PSAs

Three-year TV, radio, print Internet campaign kicks off in July

Borrowers facing difficulty making their mortgage payments will be urged to call their lenders in a TV, radio, print and Internet public awareness campaign produced by NeighborWorks America and the Ad Council.

The public service announcements — which cost about $1 million to produce — urge homeowners in financial trouble to call a hotline maintained by the Homeownership Preservation Foundation, 888-995-HOPE.

The announcements were paid for by lenders who stand to lose $30,000 on every mortgage they are forced to foreclose on.