Home owners can
improve their success,
by going through a foreclosure prevention
counseling agency.
For one thing, it is
becoming increasingly difficult to determine just which
financial institution holds a particular mortgage loan,
"Most mortgages are bundled and sold to secondary investment
groups." Even once homeowners identify the right financial
institution, there is no guarantee that it will have a local
representative near the homeowner.
Many
foreclosure counselors also help borrowers address the
underlying issues that are keeping them from being able to
make payments on time. For instance, foreclosure counselors
often can provide employment training and resources for
homeowners who are unemployed.
When it
comes time to contact the financial institution, counselors
at these agencies often have the phone numbers and names
borrowers need to expedite communication with their lender.
"Counselors can get direct lines to the servicers," Snyder
says, adding that the counselors are continually expanding
the network of financial institutions with which they work.
Finally,
some agencies offer their services in languages other than
English in order to better serve homeowners who speak
English as a second language.
Many
organizations around the country provide information on
foreclosure, as well as foreclosure counseling for
homeowners who may be facing foreclosure. Here are
descriptions of several such agencies:
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