WASHINGTON (AP) -- Some help may be on the way for homeowners who are facing the risk of foreclosure because their mortgage payments are going higher.
The Hope Now alliance, a partnership between mortgage companies and nonprofit housing counselors, is mailing out hundreds of thousands of letters with advice on how to avoid defaulting on loans. The letters alert homeowners to various relief options that may be available, and provides a toll-free number they can call for help. (888-995-HOPE).
Some Democrats in Congress are calling for more immediate measures to help combat the rising tide of foreclosures. They're urging mortgage companies to help homeowners convert from adjustable-rate mortgages to fixed-rate loans if the borrowers are current on their payments.