Hope Now Alliance

An alliance of counselors, mortgage companies, investors, the U.S. government, and other mortgage industry participants, that was created in response to the subprime mortgage crisis. It provides distressed homeowners with assistance and counseling to avoid foreclosure. It does this by offering planning services (called loan workouts) to create a modified repayment plan or loan modification to ease the financial burden. The effectiveness of this group has been criticized for not doing enough to prevent foreclosures, especially when repayment plans did not actually modify the mortgage terms.