In the present scenario obtaining in U.S. real estate market, where large number of homes in all the States are under some stage of foreclosure process, it is high time that the home owners in distress get necessary counseling on the subject. In such a situation, it would be intimidating to discuss the foreclosure with the mortgage lenders directly. People with low and moderate incomes are facing a serious situation by defaulted mortgage payments and they look upon for necessary guidance on foreclosure process. Fortunately for them there are a lot of service-oriented organizations throughout the country, which have come forward to provide the much needed counseling.

The necessity for contacting a counseling agency is very much felt, for the reason of confusion prevailing among the borrowers as whom to contact to sort out the issue, since the prime lending mortgages are bundled out and sold to sub-prime lending institutions. Even if that source of secondary investment is located, it is again a moot point whether that institution has a local representative available nearby to the homeowners. Further, viewing the matter from the emotional angle, the distressed home owners are afraid that the mortgage lending institution will be particular in retrieving their money and will not be helpful in solving the problem in favor of the home owners. It is here the service of a neutral third party counselors come up handy, in allaying the fear of the home owners and talking to them patiently to explain the logical solutions for the imminent problem of foreclosure faced by them.

There are a number of trust-worthy organizations doing this service and the details of such organizations are as follows:

  1. HomLoanLearningCenter.com: This website can be viewed both in English and Spanish. There is a Foreclosure Prevention Resource Center which provides helpful information in foreclosure process and ways of dealing with the mortgage lender. This site is operated by the Mortgage Bankers Association.
  2. Housing Help Now: The National Foundation for Credit Counseling runs this organization and the website housinghelpnow.com. The consumers can avail the services of this website in taking a Mortgage Reality Check to find out whether their proposed mortgage suits their budget and income.
  3. LULAC Home Buyer Center Programs: The League of United Latin American Citizens (LULAC) is the founder of LULAC National Housing Commission several years back. This organization conducts Home Buyer Center Programs in Chicago, Dallas, Phoenix and San Antonio for imparting vital information to home owners and future home owners.
  4. Legal Aid is provided through many offices around the nation towards legal representation for the benefit of clients who are at par or below the poverty line and therefore can’t afford to hire attorneys of their own.

The home owners are advised to act fast in availing the voluntary service of the above organizations before it is too late. Foreclosure can be avoided by restructuring the payment schedule of the mortgage loan and it is imperative that the mortgage lender is contacted by phone or personal visit in this regard.

Via

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