If you're concerned about losing your home or already facing foreclosure, I strongly recommend that you actively get involved in looking for solutions. With so many Americans in the same boat, Government agencies, Non-Profits and financial institutions are coming together to help homeowners keep their property.
Below are two examples of organizations to turn to:
Neighbor to Neighbor is a non-profit that provides free counseling services to homeowners. Neighbor to Neighbor was recently awarded a $46,743 housing counseling grant from the U.S. Department of Housing and Urban Development (HUD).
The grant helps Neighbor to Neighbor continue to provide housing counseling services for homebuyers, homeowners, renters and seniors that are considering a reverse mortgage. As HUD's Regional Director John Carson puts it, "housing counselors not only educate people prior to buying a home, but they also help homeowners that might get in financial trouble keep their homes and avoid foreclosure. FHA's new loan product FHASecure is designed to help homeowners that have adjustable rate loans and may be facing foreclosure to refinance into fixed rate mortgage loans."
Alan Batchen spoke about his experiences and how a Neighbor to Neighbor counselor helped him successfully avoid foreclosure. Mr. Batchen faced a difficult decision - pay for vital prescriptions for his wife, or pay the mortgage. Health insurance didn't cover enough of their medical expenses, and their adjustable rate mortgage payment increased making their house payment unaffordable. "When I got into trouble, I didn't know where to turn; I didn't know what more I could do, but Neighbor to Neighbor came through and helped me. I was lost and overwhelmed by the process. Without their help, I would have lost my home," Mr. Batchen said.
The Foreclosure Angel Foundation is another example of good-hearted people taking initiative. The foundation was created by Marilyn Mock in 2008, when she decided to help her neighbor who was about to lose her home. With no where else to turn but the streets, their home went up on the auction block. Marilyn bought the home at the auction price and sold it right back to the owners at the now lower cost.
Marilyn had a keen sense that "It could be me in that situation." One major life change could rip her family from their home too.
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