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Key to avoiding foreclosure: communication
By JENNIFER HEATH
Lynda Scott pawned her Rolex watch to make a house payment.
Six months later, she was still having a tough time keeping up.
“It would be devastating to lose my house,” Scott said, who’s lived in her home in the Shadow Lake area for 12 years. “That watch meant nothing to me. My house? My house means everything.”
Scott and hundreds of others attended a homeowners preservation workshop at Lakewood Church last month. HOPE NOW, a national organization, led the event which brought together mortgage lenders, HUD-certified counselors, investors and other mortgage market participants to work with families so they can avoid foreclosure.
“Half of the people who go into foreclosure never contact their mortgage companies,” said Larry Gilmore, HOPE NOW alliance director. “We are here to increase the contact rate between these people. Our efforts here are to provide borrowers more options to get assistance.”
From July 2007 to July 2008, more than 160,000 Texans avoided foreclosure because of HOPE NOW’s work, representatives said. HOPE NOW members sent letters to more than 19,000 Houston residents who were at risk of losing their homes, letting them know about the workshop.
Representatives from 26 banks and mortgage companies were available to meet one-on-one with those in attendance.
The bank representatives worked with homeowners to lower interest rates, extend the terms of fixed-rate bank notes, answer questions or provide counseling on how to make sure houses stayed with homeowners.
“It was worth it for me to come out here today,” said Elizabeth Perez, a homeowner in southwest Houston. “Instead of worrying and worrying about it, I got to talk with my mortgage company to see what my options are. It gives me peace of mind.”
The HOPE NOW alliance estimated more than 1,000 residents were helped by the workshop. This is the 45th event the organization has put on throughout the United States. They teamed up with Neighborworks America, the Texas Foreclosure Prevention Task Force and Joel and Victoria Osteen and Lakewood Church.
“We want to be part of the community, a place where people can come to get help in every aspect of their life,” said Andrea Davis with Lakewood Church. “This is really a unique situation for a unique time. This is just a good partnership, and we were happy to host the event.”
“The key thing we want borrowers to know is that assistance is out there,” Gilmore said. “And don’t give up. There’s always hope.”
That sentiment is what Scott had been looking for.
“I’ve learned to not put my trust in man, but to put it in God. God always knows what you need,” she said. “I’m leaving today knowing there is hope out there.”
Hope LINE
Homeowners can call the HOPE NOW hotline, 1-888-995-HOPE, to speak with non-profit counselors for free.
Six months later, she was still having a tough time keeping up.
“It would be devastating to lose my house,” Scott said, who’s lived in her home in the Shadow Lake area for 12 years. “That watch meant nothing to me. My house? My house means everything.”
Scott and hundreds of others attended a homeowners preservation workshop at Lakewood Church last month. HOPE NOW, a national organization, led the event which brought together mortgage lenders, HUD-certified counselors, investors and other mortgage market participants to work with families so they can avoid foreclosure.
“Half of the people who go into foreclosure never contact their mortgage companies,” said Larry Gilmore, HOPE NOW alliance director. “We are here to increase the contact rate between these people. Our efforts here are to provide borrowers more options to get assistance.”
From July 2007 to July 2008, more than 160,000 Texans avoided foreclosure because of HOPE NOW’s work, representatives said. HOPE NOW members sent letters to more than 19,000 Houston residents who were at risk of losing their homes, letting them know about the workshop.
Representatives from 26 banks and mortgage companies were available to meet one-on-one with those in attendance.
The bank representatives worked with homeowners to lower interest rates, extend the terms of fixed-rate bank notes, answer questions or provide counseling on how to make sure houses stayed with homeowners.
“It was worth it for me to come out here today,” said Elizabeth Perez, a homeowner in southwest Houston. “Instead of worrying and worrying about it, I got to talk with my mortgage company to see what my options are. It gives me peace of mind.”
The HOPE NOW alliance estimated more than 1,000 residents were helped by the workshop. This is the 45th event the organization has put on throughout the United States. They teamed up with Neighborworks America, the Texas Foreclosure Prevention Task Force and Joel and Victoria Osteen and Lakewood Church.
“We want to be part of the community, a place where people can come to get help in every aspect of their life,” said Andrea Davis with Lakewood Church. “This is really a unique situation for a unique time. This is just a good partnership, and we were happy to host the event.”
“The key thing we want borrowers to know is that assistance is out there,” Gilmore said. “And don’t give up. There’s always hope.”
That sentiment is what Scott had been looking for.
“I’ve learned to not put my trust in man, but to put it in God. God always knows what you need,” she said. “I’m leaving today knowing there is hope out there.”
Hope LINE
Homeowners can call the HOPE NOW hotline, 1-888-995-HOPE, to speak with non-profit counselors for free.
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