Reported by: Kellie GeistWeb produced by: Kellie GeistWith the rising cost of living, predatory lending and adjustable rate mortgages, home foreclosures have become a national problem.
But having problems paying your loan doesn't mean you have to lose your home.
The Home Ownership Center (HOC) in Cincinnati is holding the first ever Foreclosure Prevention Phone-a-Thon Wednesday, to help troubled homeowners restructure and refinance their loans as well as create workout plans to take care of any payments that are overdue.
"It's clear that foreclosures are a national problem, but homeowners need to understand that they aren't alone in this. There are people who can help," said Rick Williams, president and CEO of HOC.
Williams added that the two biggest obstacles to preventing foreclosure are avoidance and frustration with the prevention process. The phone-a-thon will act as a go-between between the homeowner and the lender.
"We struggled with a way to have the homeowner not shy away from getting assistance ... too many homeowners don't act on the problem," Williams said. "We intervene with the process so the homeowner can work with us instead of the lender."
The phone-a-thon will be broadcast on channels 5 and 48, as well as played on multiple local radio stations.
Congressman Geoff Davis (R-KY) and Congressman Steve Chabot (R-OH) will be encouraging homeowners to call during the phone-a-thon.
Congressman Davis said, “Many homeowners who are facing foreclosure are frustrated and don’t know where to turn for help. The Foreclosure Phone-a-thon will bring together many resources available to help those who are having difficulty managing their mortgage ... the sooner you take action, the more likely it is that you will be able to stay in your home.”
The Phone-a-thon is being co-sponsored by Fannie Mae, the City of Covington, the Home Ownership Center of Greater Cincinnati and NeighborWorks America,
Homeowners who call during the phone-a-thon should have the name of their lender and their loan number. Callers will be on the phone for about 30 minutes, during which time certified loan counselors will take some basic loan and personal information for the HOC. Those counselor notes will guide the HOC in helping the homeowner at a later date. After the phone-a-thon, letters will be mailed to the homeowners and the two parties will begin working together to create a better loan situation.
The phone-a-thon will be from 6 a.m. to 8 p.m. Homeowners can either call 1-877-7BuzzUs (728-9987) or e-mail Hoc@BuzzUsNow.com to talk to a certified counselor.
Phones in Cincinnati and at Fannie Mae offices in Reston, Virginia, will be manned by Home Ownership Center, NHS of Hamilton and Fannie Mae volunteers. If the local phone lines are busy, callers will be directed to the office in Virigina for assistance.
