Docstoc

Mortgage Foreclosure

Document Sample
Mortgage Foreclosure Powered By Docstoc
					  Washington County Community Services
Community Development Block Grant Program




       Mortgage
      Foreclosure
600

500
                                             500

                                                    Sheriffs Certificates of
400
                                                    Foreclosure
                                348
300
                                                     Certificates of
                   244                              Redem ption
200
         17 0
                                                    (Ow ner/Secured Party)

100
         10 1      91           10 0         10 0

 0
      2004      2005     2006 (proj)   2007 (est)
    Pre-Purchase Education
           Home Stretch

• Available to any person or family thinking
  about buying a home in Minnesota.
• Contact Washington County HRA at 651-
  458-0936.
• Conducted by certified facilitators and
  housing professionals.
• Curriculum includes budgeting, completing
  a loan application, understanding the
  closing process and maintaining your
  home.
              Foreclosure Prevention

Communicate with your lender
   •   They will explore options to avoid foreclosure these
       include;
       – Repayment plan may let you pay off your missed
           payment in two installments over the next two month
       – Loan modification – adjust the terms of your loan
           most often by lengthening the amortization schedule,
           lowering the interest rate or rolling the delinquent
           amount into the loan and re-amortizing the new
           balance
       – Short sale: the lender allows you to sell the house for
           less than the outstanding loan amount, takes the
           proceeds and forgives any remaining debt.
       – Short refinance: The lender forgives some of your
           debt and refinances the rest into a new loan.
       – Refinance with “hard money” loan: Loan from a
           private lender resulting in high rates and fees.
        Informational Websites


www.hud.gov/foreclosure

www.bankrate.com
    Anoka County Community Action Program
       Foreclosure Prevention Program serving
            Washington County residents



•   Available to Washington County residents
•   Includes both financial assistance and counseling to assist
    homeowners in remaining in their homes.
•   To apply call 763-783-4747 for go to www.accap.org. to
    download the application.
                 Availability of Federal,
         State and County Emergency Programs

•   Three emergency programs available to Washington County
    residents.
     – Emergency General Assistance
     – Washington County Crisis Assistance Funds
     – Community Development Block Grant Public Service Fund
•   These programs are intended to assist families and individuals
    experiencing an imminent loss of shelter or that pose a direct,
    immediate threat to the physical health or safety of the household.
•   The emergency assistance required by the emergency must be
    temporary and not exceed 30 days.
•   Each program has different eligibility requirements.
•   These three programs typically are not effective in resolving a
    mortgage foreclosure.

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:10
posted:10/25/2011
language:English
pages:7
gjmpzlaezgx gjmpzlaezgx
About