New foreclosure prevention program: How to get help

In other BLOG entries we are going to describe some of the details of the new programs (there is more than one) announced by the Treasury Department, but having reviewed the details, we think that you might want to get some help.  Both programs are hard to understand, even for me!

Fortunately, there is much (free) help available from approved counseling services.

A list of local counselors who will help you with foreclosure prevention is available at www.HUD.gov/offices/hsg/sfh/hcc/hcs.cfm.  

You can also get names of approved counseling organizations by calling the HOPE HOTLINE at 888-995-4673. or going to their web site at www.995HOPE.org.

The Neighborhood Assistance Corporation does this work too.  They are at www.NACA.com.

If you are not in danger of foreclosure but your mortgage is higher than the current value of your house (but not more than 105%) you may be eligible for help IF your mortgage is backed by Fannie Mae or Freddie Mac.  You can find out if this is the case by calling 1-800-7FANNIE and 1-800-FREDDIE. Their web sites are www.fanniemae.com/homeaffordable and www..freddiemac.com/avoidforeclosure.

 

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