There are now hundreds of thousands of families all across America facing foreclosure because they simply cannot afford their mortgage payments, or they owe far more than their house is currently worth. To make matters even worse, the Mortgage Bankers Association reports that approximately 50% of home owners who do lose their homes to foreclosure have never once contacted their lender.
With this stark reality in mind, I would like to pass on information to help "Save the Dream" of home ownership for families facing foreclosure.
This “Save the Dream” initiative may require several hours or even a few days of your time, but I am confident the end result will be well worth the effort, both personally and professionally.
Specifically, I am asking each of you to find just one family in your local community who may be facing foreclosure and help them reach out to their lender or a housing counseling agency so that they can begin the process of exploring a loan workout solution and hopefully stay in their homes.
If you don’t know of anyone in this unfortunate position, I’m confident that you can use your networking skills to find someone who needs this kind of help and approach them in confidence and with great sensitivity to the situation. Collectively, we can make a difference.
Here are direct links to two of the best resource sites available that you can use both to educate yourselves and to share with people in need of learning more about how they can help themselves avoid foreclosure:
- Guide to Avoiding Foreclosure (U.S. Department of Housing and Urban Development)
- The HOPE NOW Alliance and the Homeowner’s HOPE Hotline (1-888-995-HOPE)