SOURCE: Neighborworks America

October 16, 2008 10:52 ET

Mortgage Industry Supported Foreclosure Prevention Ad Campaign Reaches More Than 100 Million Households

WASHINGTON, DC--(Marketwire - October 16, 2008) - Cumulatively, more than 100 million households have learned about where to go for help if they're experiencing mortgage trouble that might lead to foreclosure through a national public service advertising campaign led by NeighborWorks® America in partnership with the Ad Council.

Launching with material financial support from the mortgage and financial services industries in June 2007, the television, radio, Internet and outdoor ad campaign is the third most active Ad Council campaign, trailing only the organization's effort to promote broadcast TV parental controls and the long-running drunk driving prevention campaign.

In all, the mortgage and financial services industry supported public service advertising campaign has generated nearly $74 million in donated ad time.

As a result of this and other outreach efforts by participating non-profit organizations and lenders, tens of thousands of homeowners who faced possible home foreclosure have contacted non-profit housing counselors around the county and received critical information on avoiding foreclosure.

"The advertising campaign has been a huge success," said Kenneth D. Wade, CEO of NeighborWorks America. "With more than 100 million broadcast, Internet and outdoor media impressions since the campaign's launch a year ago, we know that many people who would have been foreclosed upon have avoided foreclosure and remain in their homes."

The Ad Council campaign emphasized two things that a homeowner facing financial distress should do. First, the homeowner is urged to call the Homeowners Hope Hotline, 888-995-HOPE, that is run by the Minneapolis-based Homeownership Preservation Foundation (HPF). HPF has received more than 916,000 calls since the advertising campaign was launched in June 2007.

Second, the advertising campaign's associated website -- www.foreclosurehelpandhope.org -- urges homeowners to contact their mortgage servicer. As a member of the HOPE NOW Alliance, NeighborWorks America knows that homeowners are increasingly responding to servicers and some of that increased response rate is due to the effect of the Ad Council effort.

"The current financial crisis has its beginnings in the weakness of the housing market," explained Wade. "We believe that an important step in reversing the current decline in the housing market involves continued outreach to homeowners with the right information they need to help them save their homes or get into a more sustainable housing situation. That's why this effort will continue into 2009 and NeighborWorks America is working on additional tactics to help strengthen homeownership and stabilize communities."

For more on what NeighborWorks America and the NeighborWorks network are doing to help prevent foreclosure and to stabilize communities visit, www.nw.org and www.stablecommunities.org.

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