Hi Desert Real Estate Forum

Freddie Mac, in a recent study, found that homeowners are becoming more aware that there may be assistance available if they run into problems making their mortgage payments. Unfortunately, 57 percent of homeowners in trouble are not aware of workout options offered by their lenders and others.

According to Ingrid Beckles, VP of servicing and asset management for Freddie Mac “lenders are unable to contact borrowers in more than half of the foreclosures seen at Freddie Mac”. In many cases, borrowers are embarrassed, intimidated or just unaware of the programs offered for loss mitigation, and therefore avoid contact with their lender.

Some of the options available are converting adjustable rate loans to fixed rates, adding delinquent amounts to the end of the loan, extending the length of the loan, temporary suspension payments or deed-in-lieu of foreclosure.

Recent news stories about the Homeownership Preservation Foundation has resulted in a flurry of calls to the hotline (888-995-Hope) and numerous visits to their website (www.995.HOPE). Essentially, the foundation is an independent nonprofit that provides HUD-approved counselors dedicated to helping homeowners. The services are provided free of charge. The foundations counselors are experts in foreclosure prevention and trained to set up a plan of action designed just for you and your situation.

Although it may seem hopeless, there are programs available for some troubled homeowners, all they have to do is ask.