Few people benefit from home foreclosures, and we’d all be better off if we could help minimize the number of foreclosures. To that end, I suggest that if you know someone who is facing foreclosure or having difficulty making their mortgage payments, you should let them know about a free service I saw the other night on CBS Evening news. The outfit is called Hope Hotline. It’s mission is to help those people in mortgage difficulty figure out if there’s a way to avoid foreclosure through working with their lenders. The news segment can be seen HERE, and the organization’s web site can be seen HERE. It looked from the report that this group, funded to some extent by banks, has been effective in helping many people stay out of foreclosure.
We have quite a few local and state (NC) services which can provide similar guidance. The NC Commissioner of Banks links you to a site HERE for help on foreclosure issues. That site give specific contact information for associated helping organizations depending on where you are in the state. I suspect all states have similar resources, but if you’re not sure where to go, this Hope Hotline looks like a great place to start. One key to success for any of these programs is to not wait too long to start asking questions and looking for assistance. Great things can be done, but it can take some time to do it.
Remember that the banks and other lenders Do Not want more foreclosures, and neither do the rest of us.