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| Consumers, Realtors, Lenders|What You Need to Know about Foreclosure
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What You Need to Know about ForeclosureMany things can put a homeowner on the path to foreclosure: a catastrophic illness, an ARM that resets to unaffordable payment levels, a job loss. For some, these uncertain times mean increased risk of losing their homes.
But remember, there are ways to avoid foreclosure. The most important step is to act quickly. Delay can make the situation worse, decreasing the chances of a resolution favorable to the homeowner (read The News-Gazette article, Fight for Your Home).
The following information from trustworthy organizations can help:
Government AssistanceWondering if you qualify for "fast track," "rate freeze," or other new government-supported programs? Call your mortgage company (see your payment coupon or statement for the phone number) to find out and start the process.
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Homeownership Preservation Foundation (HPF)| The HPF (www.995hope.org) provides a free counseling service called Homeowner's HOPE™ — 888.995.HOPE™ — for people facing foreclosure. | |
Department of Housing and Urban Development (HUD)| Go to www.hud.gov for a valuable source of information for at-risk homeowners (see the foreclosure section) as well as current homeowners and anyone contemplating homeownership. | |
Neighborhood Housing Services of Chicago, Inc. (NHS)NHS promotes community development through several neighborhood-based programs offering home ownership, lending, home ownership educational, neighborhood revitalization, and rehab services. See their website for details.
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WorkshopsATG Support ToolsAdditional Websites and Articles[Last update: 5-7-10] |
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