HUD approved programs such as HOPE Now and Project Lifeline are sponsored by Lenders and Banks in an attempt to collect on debt owed to them by homeowners.

Homeowners need a professional who is on their side and NOT working for the Lenders. A real advocate is the experienced real estate and mortgage professional in their neighborhood that can stop the harassing phone calls and offer REAL alternatives to foreclosure and bankruptcy.

“Counselors” will only help you fill out financial statements that the lender will need to asses if they can get more money out of you. Lenders affilitated with these programs ultimately want you to keep your gigantic loan and ridiculous interest rates.

What homeowners need to know is that there are alternatives to staying in bad debt. If short selling or giving the keys back to the lender allows a family to survive the recession and start over fresh with a brighter future, that should be at least as important as fulfilling your obligation under the original loan!