Union Plus Launches New Hotline for Members Caught in Mortgage Crunch

In recent months, a growing mortgage crisis, fueled in part by some lenders’ irresponsible lending practices, has turned the dream of homeownership into a financial nightmare for many Americans. In response, Union Plus is launching a homeowner education program for union members, which includes a Save My Home Hotline to aid union members facing mortgage problems.

A recent national survey conducted by Peter D. Hart Research associates for Union Privilege, revealed that half of homeowners with adjustable rate mortgages (ARM) do not understand how their rates adjust, and almost three-quarters do not know how much higher their payments could increase. It is estimated that roughly 2.5 million homeowners will face payment shock when their ARMs reset this year and their mortgage payments increase.

“Our poll shows that consumers are looking for government help, but the labor movement is not waiting,” AFL-CIO President John Sweeney said. “We’re reaching out to union families to make sure they don’t fall through the cracks.”

The Union Plus Save My Home Hotline provides free, confidential advice from HUD*-certified housing counselors to help members establish a budget, set financial priorities, and understand the strategies available to help them keep their home. Additionally, homeowners will receive a written “Homekeeper Action Plan.”

For more information, contact the Union Plus Save My Home Hotline
at 1-866-490-5361 or visit www.UnionPlus.org.

*Housing and Urban Development