A variety of nonprofit credit help is available for avoiding foreclosure. The U.S. Department of Justice and the U.S. Department of Housing and Urban Development maintain lists of nonprofit credit counselors across the country. The agencies are experts in foreclosure avoidance and can contact your lender directly to stop foreclosure proceedings.
Making Home Affordable
The Making Home Affordable Program is directed by the U.S. Department of Treasury and the U.S. Department of Housing and Urban Development. The program was created to provide free assistance for people seeking to avoid foreclosure. The program specializes in loan modification programs, which allow lenders to rewrite the terms of your loan to make make it more affordable and end the foreclosure process. Homeowners can determine their eligibility for the program and gain more information by visiting MakingHomeAffordable.gov.
Howeownership Preservation Foundation
The Homeownership Preservation Foundation is a nonprofit agency offering a comprehensive telephone counseling for avoiding foreclosure. A toll-free hotline is staffed by trained counselors 24 hours a day. The counselors can answer immediate questions about foreclosure and direct you to local nonprofit resources in your community for followup. Call the hotline at 888-995-4673.
Churches and Charities
Local charities and churches may also offer foreclosure avoidance help, although they are likely to refer your to nonprofit housing counselors in your community. However, some charities such as the United Way, Urban League or Salvation Army may have government-approved housing counselors on site. Churches and organizations may also have special funds for one-time help with mortgage payments to avoid foreclosure. Larger nonprofits such as the United Way can refer you to other community-based resources for avoiding foreclosure in your city.
Credit Union Foundations
Many credit unions offer nonprofit foundations offering services and advice on a variety of issues, including foreclosure avoidance. Many of the foundations specialize in educational programs designed to keep people from becoming victims of foreclosure. The programs cover home buying, budgeting, avoiding excessive spending and information on what to do if you start missing mortgage payments.
Nonprofit Credit Counseling
Initial consultations with nonprofit credit counselors are usually free. The counselors know about every possible solution for foreclosure avoidance, and have working relationships with most local lenders and many national firms. The counselors are trained to take a broad look at your financial situation, which includes evaluating your overall credit and finances, in addition to any specific foreclosure problem. The counselors often recommend debt management plans as a long-term solution to your financial problems, but will also contact your lender immediately to begin talks for ending the foreclosure process.
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