How To Get Foreclosure Assistance

Any of us can suffer from a financial setback for any number of reasons...unemployment, illness or injury, divorce. Now with payment increases due to payment resets at the end of a fixed-rate payment period, tens of thousands more have been forced into default. The national foreclosure rate has become staggering with a projection of 1.2 million to be added in 2008.

Due to what have become widely spread myths such as:

• My mortgage company would rather foreclose on my home,
• Foreclosure is an uncommon problem - I'm all alone in this,
• I've only missed one payment - I can catch up,
• I've missed too many payments to catch up,
• I'm getting many offers of help - are they all scams,
• Is it possible to stay in my home after foreclosure,

many borrowers who find themselves in distress feel their situation is hopeless and seemingly bury their heads until they've run out of time to act. In a foreclosure situation time is crucial. If you have already received a Notice of Default you usually have only 90 to 120 days to take action.

To add to a borrower's anguish there are many out there referring to themselves as "Foreclosure Services" waiting to take advantage of desperate homeowners. If they have no other underhanded motives in mind many of these "services" charge high fees to those who are already financially burdened.

To assist those in danger of losing their homes there is free, bilingual, HUD approved counseling and advice available. At the urging of Treasury Secretary Henry Paulson and members of the U.S. Dept of Housing and Urban Development (HUD) the HOPE NOW Alliance has been formed. The alliance is made up of consumer credit counseling organizations, mortgage service providers, lenders and others ready to help with 24 hour advice.

You don't have to wait until you receive a Notice of Default, the first step in a formal foreclosure proceeding--Ask about your options NOW!

1. Contact your lender or a credit counselor by calling 1-888-995-HOPE. You'll be assisted by a non-profit HUD approved credit counselor.
2. You can also visit the Homeownership Preservation Foundation at http://www.995hope.org/
3. NeighborWorksAmerica is also a member of the HOPE NOW Alliance serving consumers and the housing industry http://www.nw.org/network/home.asp
4. Also suppling support and guidance is http://www.MyMoneyManagement.net
5. Find a directory of HUD approved counseling services at http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call their toll free number 1-800-569-4287
6. In addition, two more websites that offer mortgage assistance in Spanish and English were recently launched:
   http://www. yourhome.ca.gov, and www.sucasa.gov

PLEASE, MAKE THE CALL!