Mortgage Assistance Information

I am greatly concerned by developments in the mortgage and financial services industries. Falling housing prices and inappropriate lending practices, coupled with interest rate increases on subprime mortgages, have eroded confidence in the housing sector and forced many people to give up their homes. The rate of forecloses, in turn, has strained financial services companies and home mortgage initiators.

Hundreds of families across the eighth district are struggling to meet their mortgage.  Some have faced life changing events, job losses or medical problems that have sapped their financial resources.  Others have variable rate home loans, including so-called "subprime" mortgages, whose rates have risen dramatically once the initial low interest period ended.  Regardless of the reason, if you have questions about your home mortgage or feel you may need mortgage counseling, please take a look at these resources.

Minnesota Home Ownership Center:  The Minnesota Home Ownership Center promotes sustainable home ownership for low and moderate income Minnesotans.  It has received funding from the State of Minnesota to assist with foreclosure and financially related counseling. Its web site will help direct you to local counselors in your city or county.
             (From main site, click on "Foreclosure Prevention" and then "Resources for Homeowners." Select Counseling or Workshop options.)

Homeownership Preservation Foundation:The Homeownership Preservation Foundation tries to provide solutions for preserving and expanding homeownership by partnering with consumers, policy makers and the mortgage lending industry. It has counselors throughout the nation who are certified by the Department of Housing and Urban Development.

Department of Housing and Urban Development (HUD)
HUD has a great deal of information on avoiding foreclosures and seeking out counseling assistance.  Click on these links to review their resources.
    * Housing Counseling Agencies
    * How to Avoid Foreclosure (PDF file)
    * Tips for Avoiding Foreclosure