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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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Workshops- Attorneys: Foreclosures are on the rise. ATG Legal Education, LLC presents information-packed OnDemand CLE programs (available 24/7) for attorneys to help you assist clients who may be headed for or are already facing foreclosure. Please click these links for details: Foreclosure Workshop I, Handling Distressed Properties, Mortgages and Alternative Financing in a New Economy, and Negotiating Loan Modifications.
- Homeowners: Troubled borrowers in the Chicago area can get help by attending free two-hour Foreclosure Prevention Workshops (in English and Spanish) presented by the Neighborhood Housing Services of Chicago, Inc. (NHS). Please click this link for the workshop calendar, locations, and registration information: Foreclosure Prevention Workshop Calendar.
2010 ATG Workshops:
Keep Your Home, Grayslake, Illinois - March 6
Coming Soon! Fix My Mortgage in Chicago, Illinois
March 27, April 24, and June 5
(join our e-mail list to receive updates)
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ATG Support ToolsAdditional Websites and Articles[Last update: 2-12-10] |
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