On "Loan Modification" and Homelessness
Cross-posted at MotherTalkers.
I am sorry for all the depressing news lately. But I can't escape it.
Besides the news stories, a family member and a dear friend were considering "loan modification" to save their homes. After some online research, my husband and I discovered that many of these private businesses have sprung up to prey on desperate home owners. They promise to cut your mortgage by as much as 50 percent, demand a payment upfront -- in my family member's case, it was $2,000 -- and then disappear.
Instead, I have been passing out this link and phone number to people I know who cannot make their mortgage payments: 1-888-995-HOPE and http://www.hopenow.com/. This is a partnership between the Department of Housing and Urban Development and non-profit organizations like ACORN and Catholic Charities to help people stay in their homes. Please pass on the number and link to anyone you know who is facing foreclosure.
I did not know this, but already one in 50 U.S. children is homeless, according to CNN. That number is expected to escalate as the number of foreclosures increase. SHUDDER.
Are any of you facing foreclosure? What are you doing about it?
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