Don’t Lose Your Home To Foreclosure
Skyrocketing housing costs during the last decade and the deceptive lending practices of some mortgage lenders have resulted in too many people losing their homes recently because they can’t afford their monthly payments
By some estimates, California leads in the number of foreclosures. A report by RealtyTrac, an online marketplace for foreclosure properties, shows that the Stockton and Riverside-San Bernardino metropolitan areas documented two of the highest foreclosure rates among the nation’s 100 largest metropolitan areas during the final months of 2007.
Experts predict that problems might get worse during 2008 as variable interest rate loans reset at higher rates, leaving mortgage payments out of reach for many. State and federal government officials have been working with financial institutions to reduce the number of people who might lose their homes due to foreclosure.
If you are in danger of losing your home or fear foreclosure in the near future, there are several resources available to you to help you keep your home.
Here are some free resources available to homeowners:
• 1-888-995-HOPE or www.995hope.org, the “Hope Hotline” provides free mortgage counseling
24 hours a day, seven days a week.
• www.yourhome.ca.gov has helpful information for prospective homebuyers, as well as homeowners who are experiencing difficulty in keeping payments current. The Spanish language version can be found
at: www.sucasa.ca.gov.
• http://www.hud.gov/foreclosure offers tips if you’re in danger of foreclosure and provides links to counselors who may be able to help you.