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Center for Responsible Lending (CRL), a research group, estimated that 1.5 million houses have been turned into foreclosure properties. CRL noted that the $75 billion foreclosure properties prevention program of President Barack Obama is crucial to the recovery of the Latino and Black communities where majority of riskiest loans have been issued.

Vice president of National Urban League’s housing and community development Cy Richardson pointed out that lenders discriminated when they offered subprime loans to borrowers who are eligible for fixed-rate or conventional mortgages.

CRL statistics showed that over $92 billion losses have been incurred by Black homeowners when their homes turned into foreclosure properties since 2007. It is predicted that Black homeowners will lose about $122 billion in the coming years. Meanwhile, Latino homeowners are expected to incur losses totaling $98 billion.

The Obama Administration’s foreclosure properties prevention program has identified homeowners who have at-risk loans and offered incentives to banks and lenders to modify mortgages.
Under the program, monthly mortgage payment should not be over 38 percent of the borrowers’ monthly gross income. Furthermore, homeowners who have good credit scores are eligible to refinance for affordable payments, with no equity.
However, not all troubled homeowners may qualify for the foreclosure properties prevention program.
Here are some tips to help distressed homeowners who do not qualify for the program save their homes from becoming foreclosure properties:

• Contact immediately your mortgage lender. Experts agreed that contacting your mortgage lender as early as possible gives you a greater chance of saving your property from foreclosure. When you call, inform the operator right away that you are going to modify or refinance your loan.
• Do not avoid or ignore efforts of your mortgage lenders to communicate with you. Most mortgage lenders would prefer to work out a payment scheme with distressed homeowners rather than foreclosed on a property.
• Ask assistance from any Housing and Urban Development-certified counselors. They will be able to help you understand your options.
• Find organizations that may help you connect with culturally competent counselors.
• Know your rights as homeowner. If you know your rights as a homeowner and what are entitled for you, you would be able to renegotiate affordable home loan payments.
• Lastly, research and learn everything you need to know on how to avoid foreclosures.

Related Posts:

• Obama’s Foreclosure Prevention Plan Short on Details
• $1B Budget – Answer to Foreclosure Dilemma
• A Look at Efforts to Curb New Jersey Foreclosure Properties
• A Perspective on the Foreclosure Control Initiative
• Anti-Foreclosure Homes Plan: Benefits Outweigh Limitations