We’re facing some of the most trying times
since the Great Depression. Many families in Southwest Washington find
themselves one mortgage payment away from disaster; you might be one of
them.However, help is on the way.
The Homeowner Affordability and Stability Plan
President
Obama has introduced his plan to assist homeowners with their mortgages during
this economic downturn. The Homeowner Affordability and Stability Plan will
offer assistance to homeowners in Southwest Washington and across the country who
are making a good faith effort to keep current with their mortgage payments.
You can
learn more about President Obama's plan and find out if you qualify at the
Department of Housing and Urban Development’s page .You can also see a list of foreclosure
avoidance counselors in Washington State by clicking here.
The Helping Families Save their Homes Act:
On March 5, Congressman
Baird voted for the Helping
Families Save their Homes Act, (H.R. 1106), a bill that takes a key step in
putting into force President Obama’s comprehensive Homeowner Affordability and
Stability Plan. This plan will help up to 7 to 9 million families restructure
or refinance their mortgages to avoid foreclosure—as well as their neighbors
whose own house values will drop as a result of a nearby foreclosure.
To get more families into
affordable mortgages, the bill protects lenders from lawsuits for reasonable
loan modifications, and fixes the Federal Housing Administration’s Hope for
Homeowners program:
reducing
current fees that have discouraged lenders from voluntarily participating
offering new
incentives for lenders to negotiate loan modifications with borrowers at
risk of foreclosure.
To push lenders into modifying loans
for more families in danger of losing their homes, the bill, as a court of last
resort, allows bankruptcy judges to modify the terms of loans for families with
existing mortgages, just as investors in vacation homes, real estate
speculators, and corporations have been able to do for years.
This carefully balanced common-sense, practical approach will not cost
taxpayers a dime, could reduce foreclosures by 20 percent, and is a key
component of President Obama’s housing package.
Additional Resources
Below is a list of programs
developed by federal and state agencies and nonprofit organizations to
help homeowners who are having trouble with their home loans. I hope
this information is helpful to you.
Contacting the State Attorney General:
Washington homeowners who suspect that they have been a victim of fraud,
misleading information, or other deceptive practices, should contact
the state Attorney General's office. The office can investigate
complaints and sue lenders and other mortgage originators for alleged
illegal behavior.
Click here to visit the Washington Attorney General's Page
Washington Housing Finance Agency
The Washington State Housing Finance Agency administers a wide range of affordable
housing and community development programs.
National Council of LaRaza (NCLR)
NCLR is the largest national Hispanic civil rights and advocacy
organization in the United States. NCLR's Homeownership Network of 42
community-based organizations provide home ownership counseling and can
intervene between borrowers facing financial crisis and the lenders
and/or mortgage servicer.
Freddie Mac
Freddie
Mac helped to develop and fund Don't Borrow Trouble, a comprehensive
consumer awareness and foreclosure prevention campaign. In addition,
Freddie Mac has partnered with national non-profit organizations,
counseling agencies and several lenders on a foreclosure-avoidance
initiative designed to reach out to delinquent borrowers early on and
provide appropriate counseling through trusted intermediaries to help
avoid foreclosure. Information on Don't Borrow Trouble :
Legal Resources:
In addition to the resources above, some homeowners may want to retain
an attorney to help them navigate the legal system:
National Association of Consumer Advocates (NACA)
The National Association of Consumer Advocates (NACA) is a nationwide
organization of more than 1000 attorneys who represent and have
represented hundreds of thousands of consumers victimized by
fraudulent, abusive and predatory business practices. NACA attorneys
have represented thousands of victims of predatory lending practices.
The legal services are provided by legal service lawyers and private
practice attorneys who provide free or low-cost legal representation. Contact NACA: 202-452-1989 Find an attorney here:
Below is a list of programs
developed by federal and state agencies and nonprofit organizations to
help homeowners who are having trouble with their home loans. I hope
this information is helpful to you.
