Save My Home Hotline Set Up for Union Members

http://blog.aflcio.org/2007/10/15/save-my-home-hotline-set-up-for-union-members/

Many homeowners have adjustable rate mortgages (ARMs)—but nearly half who have them admit they do not know how their ARMs adjust or reset, and nearly three-quarters do not know how much their monthly mortgage payments will increase when they do, a new national survey reveals.

The survey, conducted Sept. 13–25 by Peter D. Hart Research Associates for the AFL-CIO, finds that ARM holders are generally not concerned about mortgage payments until their rates reset. Then anxiety sets in as they realize their payments have risen substantially. The use of ARMs for home financing has grown dramatically over the past few years and particularly among higher-risk subprime borrowers.

Union Privilege, provider of benefits for union families, announced the results of the survey today, while in Cleveland, AFL-CIO President John Sweeney and Union Privilege President Leslie Tolf announced the launch of the Union Plus Save My Home Hotline.

As part of a model homeowner education program, the hotline will provide information and advice to help union members and their families avoid foreclosure. The AFL-CIO also sponsors a trust to assist union members with financial hardship due to disability or unemployment.

The Save My Home Hotline will provide free, confidential advice 24 hours a day, seven days a week from the counselors at Money Management International, a nonprofit, HUD-certified housing counseling agency. Face-to-face counseling is available at more than 100 local offices in 22 states and the District of Columbia.

Union members and their parents and children can call the hotline for advice at 1-866-490-5361.

FULL story at link.