Many people are facing foreclosure on their homes due to a job loss, major medical expenses, and adjustable rate mortgages with increasing payments.
There are many resources available that may assist homeowners in jeopardy of losing their home. If you, a family member, neighbor, coworker or friend is in jeopardy of losing a home, please visit the following web sites for information on available federal and state mortgage foreclosure prevention programs.
U.S. Department of Housing and Urban Development (HUD)
Tips for Avoiding Foreclosure
Wisconsin HUD-Approved Counseling Agencies
HUD sponsors housing counseling agencies that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages.
The Making Home Affordable Program includes opportunities to modify or refinance your mortgage to make your monthly payments more affordable. It also includes the Home Affordable Foreclosure Alternatives Program for homeowners who are interested in a short sale or deed-in-lieu of foreclosure.
Other Helpful Resources
Preserving Homeownership: Foreclosure Prevention Initiatives
The Congressional Research Service (CRS) has created a report that describes the consequences of foreclosure on homeowners; outlines recent foreclosure prevention initiatives, largely focusing on initiatives implemented by the federal government; and discusses the challenges associated with foreclosure prevention.