Taking Back Our Community: foreclosure assistance
No one will deny that the foreclosure crisis, is affecting the community in its entirety. Still, the reality of a foreclosure is hard to face. If you find you cannot make your mortgage payment on time, becoming proactive may prevent the loss of your home.
Take two steps: contacting your lender, and contacting a HUD-approved counseling agency. The Home Repair Resource Center (HRRC) is a HUD-certified coounseling agency that provides foreclosure intervention and prevention counseling. The center also offers financial literacy classes on budgeting and credit education. All services are free.
When a first-time homebuyer, who was raising two children on a disability check, defaulted on three consecutive mortgage payments she contacted HRRC. Her home was in danger of being sold at a sheriff’s sale.
HRRC's foreclosure specialist took several steps. First, the specialist analyzed the client's documents and discussed all possible options. Next, came suggestions on changing monthly spending. The specialist contacted the lender on the client's behalf and negotiated an affordable mortgage payment that allowed the client to keep her home.
There is not one standard solution for a household in foreclosure prevention. The options available depend on the household's circumstances and the type of mortgage.
HRRC is here to help prevent foreclosures and intervene if the process is underway. To make an appointment, call us at 216-381-6100, from 9 a.m. and 5 p.m., Monday through Friday.
Kimberly Dominique is a foreclosure specialist who joined the Home Repair Resource Center in May 2008.