Keychain Program Aims To Prevent Foreclosure

Keychain Alliance is offering assistance to homeowners risking foreclosure due to lack of funds through face-to-face counseling, its HOPE program and partnerships with local organizations that educate borrowers on how to avoid foreclosure.

The service is earmarked for GMAC Mortgage and Homecomings Financial customers who are experiencing financial difficulties in 10 cities.

"The Keychain Alliance is part of our broad loss mitigation strategy to help people stay in their homes," said Steve Nelson, director of foreclosure prevention for GMAC Mortgage and Homecomings Financial. "In addition to typical communications such as mail, outbound calling, inbound calling and educational campaigns, we rely on the Keychain Alliance to work directly with customers who are struggling to maintain their homeownership."

A 20-member team of mortgage specialists established in 2002 provides homeowners struggling to make their mortgage payments face-to-face support through partnerships with nonprofits, local governments, faith-based organizations, other mortgage companies and interested parties educating homeowners facing financial difficulties about how to maintain homeownership in the long term.

Keychain Alliance team members assess a homeowner's situation and explore possible solutions. Moreover, Mr. Nelson encourages homeowners to work with the experts even if they have not missed a payment but think they may and for any reason.

"The sooner a homeowner seeks our help, the more options a homeowner has in getting through a very challenging situation," he said. "In many cases, we can work with them to tailor a plan that can help them stay in their home." (c) 2007 Mortgage Servicing News and SourceMedia, Inc. All Rights Reserved. http://www.bondbuyer.com/ http://www.sourcemedia.com/