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Organizations That Help Homeowners From Foreclosure Article
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Help to Prevent Foreclosure
from:If you find yourself caught in a mortgage that you can no longer afford, you may need to find help to prevent foreclosure. The recent subprime mortgage crisis has prompted many local, federal and privately run agencies to develop programs that help to prevent foreclosure. Subprime mortgages are offered to borrowers with a few blemishes on their credit record that can’t qualify for prime rates. Usually offered with a limited time “teaser” rate that is significantly lower than the actual rate, these subprime mortgages cause many borrowers to find themselves with a mortgage that they can’t afford when the teaser period runs out. These are the borrowers that are looking for help to prevent foreclosure. Many times, these borrowers are not told of the actual cost of the mortgage until it is too late, making them victims of predatory lending.
The best place to start your information search for help to prevent foreclosure is your lender. Lenders have a lot at stake when a home goes into foreclosure. Research shows that a lender loses, on average, between fifty to sixty thousand dollars for each foreclosure. They are in the business of lending money, not owning or selling houses. They have many programs set in place to help you when you get behind in your payments. Never ignore communication from your lender. As they are willing to help and have many programs available to do so, most programs are designed to help those that are only 1-2 payments behind. Early intervention may be the difference between keeping your house and foreclosure.
The US Department of Housing and Urban Development (HUD) is the federal agency responsible for offering help to prevent foreclosure. Their web site if full of information, tips and advice to help prevent foreclosure. Because you can customize your search based on location, this web site is the most comprehensive place to find the help you are looking for. They also offer counseling by local HUD approved financial counselors. These counselors are able to evaluate your individual situation and make recommendations on their findings. They also provide local resources, such as county specific help to prevent foreclosure.
It is important when faced with a mortgage that you can no longer afford that you seek help to prevent foreclosure early. As there are many programs that have been developed to assist you, many can only be implemented before you get too far behind. Be sure to conduct thorough research before committing to any one program. Finding the help to prevent foreclosure that will suit your situation is possible, but you must be willing to do the research it takes to find it.
Organizations That Help Homeowners From Foreclosure News
Foreclosure Prevention Event to be Held Thursday in Milwaukee - LoanSafe
Foreclosure Prevention Event to be Held Thursday in Milwaukee LoanSafe (Source: Paul Gores Milwaukee Journal Sentinel (MCT) — A group of mortgage lenders and nonprofit housing organizations will hold a free foreclosure prevention event in Milwaukee on Thursday. Troubled homeowners seeking assistance to help them avoid ... |
CredAbility Supports HUD Studies on Housing Counseling - MarketWatch (press release)
CredAbility Supports HUD Studies on Housing Counseling MarketWatch (press release) The foreclosure counseling study reveals that with a counselor's help, nearly 70 percent of those counseled obtained a mortgage remedy to retain their home, and 56 percent cured their defaults and became current on their mortgages. Homeowners who were ... |
Vermont's General Fund Benefits From Foreclosure Settlement - Vermont Public Radio
 RealtyBizNews | Vermont's General Fund Benefits From Foreclosure Settlement Vermont Public Radio The independent news organization ProPublica analyzed how states spent the money and concluded that much of it hasn't gone to homeowners who have been involved in the foreclosure crisis. ProPublica says in Vermont, $500000 has been dedicated to a ... Allocation of Mortgage Settlement Funds Billion Dollar Bait & Switch: States Divert Foreclosure Deal Funds Foreclosure Prevention Program Gets Major Share Of State's Funds From Settlement |
DC news in brief - Washington Post
DC news in brief Washington Post Highlights include workshops on foreclosure prevention, homeownership, senior housing and financial literacy; free credit reports and counseling; home repair and cooking demonstrations; and exhibits from community and government organizations, ... |
More Military Members, Spouses Would Get SCRA Help Under New Bill - Patch.com
More Military Members, Spouses Would Get SCRA Help Under New Bill Patch.com Introduced this week, the Servicemember Housing Protection Act would help military homeowners hammered by a flailing housing market and broaden the scope of the SCRA, which already provides active service members with protections against foreclosure, ... |
The Long Foreclosure Fight - Good Times
The Long Foreclosure Fight Good Times Since the March to Stop Foreclosures (above), which was led by Occupy Santa Cruz's Foreclosure Working Group in March, the number of local groups and organizations joining in the effort to end the foreclosure crisis continues to grow. |
foreclosure counseling agency reluctantly closes shop - Philadelphia Inquirer
foreclosure counseling agency reluctantly closes shop Philadelphia Inquirer “We've lost foreclosure prevention at the worst possible time, when the need is the greatest,” says Turner, whose agency continues to offer other housing-related programs. Ahome was assisting about 440 homeowners in the state's seven southernmost ... |
Judge Orders Mortgage Lender to Stop Using Nonprofit's Name - The Nonprofit Quarterly
Judge Orders Mortgage Lender to Stop Using Nonprofit's Name The Nonprofit Quarterly According to the lawsuit filed by NACA, First One has been claiming that it is affiliated with the nonprofit in order to help it “cheat desperate homeowners facing foreclosure.” Neighborhood Assistance further alleges that: “The purpose of defendants' ... |