Non-profit Group Lends a Helping Hand to Curb Foreclosures

The growing number of foreclosure homes in the nation has lead many non-profit groups such as the National Community Reinvestment Coalition to take the initiative in providing the millions of distressed homeowners with foreclosure help.

With over 600 member organizations, the said group will be launching a “ave the Block Party” in Prince George’s and Fairfax Counties, both in Washington, on September 13 and 20 respectively. The two counties were chosen because of their high foreclosure rate and relatively affluent neighborhoods.

The events will also feature children activities, performers and music, which will hopefully relieve the distressed homeowners of some stress. Of course, homeowners facing foreclosure will be able to receive assistance regarding their mortgage problems from HUD-certified counselors. For the coalition, it is very important that the foreclosure prevention programs are focused on the needs of the individual consumer, taking into consideration the local market conditions and impact of the foreclosure crisis on the community.

Member organizations believe that troubled borrowers have a chance of staying out of foreclosure if the lenders will only agree to adjustments on the mortgage terms. Nationwide, other non-profit groups and alliances have been working round the clock, acting as mediators between the lenders and distressed homeowners. Most of these mediators prefer that the lender agree to a loan modification plan since this option is more likely for long term.

Troubled homeowners residing in these counties should take advantage of these initiatives. Many of those who lost their homes to foreclosure did not do anything about their problems and hoped instead for their mortgage problems to simply go away. Unfortunately, this is not how you should deal with this situation.

If you are interested in attending these events, you must bring with you the following documents: bank statements covering the last two months, mortgage papers, property tax receipt or bill, pay stubs from the past month and HUD-1 settlement note and statement.