Foreclosures are Devastating Families and Entire Communities
Photo by Woodleywonderworks
Foreclosures are something more than just figures – these are devastating families and entire communities. According to recent findings, about one out every eleven homeowners are defaulting on two or more payments on their housing loans. While many realize they are in dire trouble, they do not know where to turn to for help.
The Treasury and HUD have joined hands with the Ad Council to start a new chapter in addressing the foreclosure problem – Foreclosure Prevention Assistance Public Service Advertising (PSA) campaign.
In 2010, the first round of information regarding PSA was aired by the media. This year the new PSA airing will be done in English as well as Spanish. The homeowners facing risk are encouraged to contact 888-995-HOPE in order to speak directly with an expert approved by HUD and find out the alternatives available suitable for their individual needs.
One of them who responded was Nina Carter, a resident of the Atlanta suburbs. After becoming unemployed, she suddenly had trouble keeping up with her mortgage payments. She had been very involved in her job for the last three decades.
When Nina realized she was beginning to fall back, she tried to contact her lender. However, the task proved to be too daunting and she found herself at a loss. But Nina found light at the end of the tunnel when she enlisted the help of the HUD department. She saw an advertisement for them in her neighborhood. She said, “I decided to call to see what I could do to keep my home”.
The HUD counselor Cassie Stanley of NID-HCA assisted Nina in submitting an application to HAMP (Home Affordable Modification Program). In just four months, she had her loan permanently modified. It reduced her mortgage payment of $947.
The new amount was not more than 31% of her gross monthly earnings. Nina actually saved $230 each month. Nina was overjoyed with the help she got from NID. Her documents were arranged by Cassie. She bemoaned that it is unfortunate that “a lot of homeowners don’t know where to get help. Cassie got the ball rolling for me. I really appreciate that”.
Now a year later, Nina continues to stay in her house and is able to be current with the monthly payments. The modification has brought her a great peace of mind and now she does not have to worry about the roof above her head being blown away.
Although foreclosures keep occurring, there are many more alternatives available today. The story of Nina carries the message that troubled house owners should not think they are alone in fighting the battle. Help is out there – all one has to do is call.
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