I've seen enough already. I don't want to see another family loose their home needlessly. If you need help, help is available. If you know someone you think needs help please see to it that they have the following info...
There are options:
Contact your lender... Ask for the loss-mitigation department. Your Lender does not want your home. They want your money. (mortgage payments) In many cases they will work with you.
Contact the National Foreclosure HOTline... 888-995-HOPE website: http://www.995hope.org/
Contact a Housing Counseling Service... HUD Approved Counseling Centers (The list below is in no particular order.) For the full list of HUD approved Counseling Center visit HUD's website http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
For DC:
District of Columbia Housing Finance Agency: 815 Florida Ave NW Washington DC 20001 202/777-1635 website www.dchfa.org
Greater Washington Urban League: 2901 14th St NW Washington DC 20009 202/265-8200 website n/a
Lydia's House: 3939 S Capitol St SW Washington DC 20032 /202/373-1050 website n/a
Marshall Heights Community Development Organization: 3939 Benning Rd NE Washington DC 20019 202/396-1201 website www.mhcdo.org
University Legal Services; 220 I St NE #130 Washington DC 20002 202/547-4747 website n/a
University Legal Services: 3220 Pennsylvania Ave SE Washington DC 20020 202/547-4747 website n/a
For Maryland:
Unity Economic Development Corporation: 6810 Floral Park Rd Brandywine Maryland 20613 301/372-6036 website n/a
Kairos Development Corporation Inc.: 5601 Old Branch Ave Camp Springs Maryland 20748 301/899-1180
United Communities Against Poverty: 1400 Doewood Lane PO Box 31356 Capital Heights Maryland 301/322-5700
The Greater Washington Urban League: 5012 Rhode Island Ave Hyattsville Maryland 20781 301/985-3519 website www.gwul.org
CCCS of Greater Washington, A division of MMI: 15847 Crabbs Branch Way Rockville MD 20855 800/747-4222 website www.moneymanagement.org
CCCS Silver Spring address: 8613 Piney Branch Rd Silver Spring Maryland 20901 website: www.moneymanagement.org
National Foundation for Credit Counseling, Inc 801 Reoder Rd #900 Silver Spring Maryland 20910 800/388-2227 website www.nfcc.org
Contact a Realtor... If you know that you are not going to be able to continue mortgage payments, the best option my be to sale. A Short Sale may also be an option. Homeowners two months late on their mortgage and can demonstrate the inability to pay their mortgage are good candidates for a short sale. In a short sale the home is sold by the homeowner before foreclosure takes place. In a short sale the lender agrees to accept less than a lender actually owes on the property. Foreclosures reduce a credit score by and average of 300 points. Short Sale reduces a credit score by an average of 80 to 90 points.
But Do Something, Please. And do it before it's to late...
by Al Matlock al@matlockrealtor 301/452-2278
