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Guest Column

Ask for help if you face foreclosure

By ISAY GULLEY
Published April 20, 2007

As an organization that promotes home ownership, Clearwater Neighborhood Housing Services Inc. was distressed to learn that more and more Florida homeowners are falling into a dangerous trend that is affecting the nation: foreclosure.

According to RealtyTrac.com, Florida had more than 19,000 properties entangled in some level of the foreclosure process in February.

This is nearly double last year's number of foreclosures during the same month.

What many of these homeowners don't realize is that foreclosure can be prevented, and the first step is simply to call for help.

Many HUD-certified housing organizations, including Clearwater Neighborhood Housing Services, are available to help those who face foreclosure.

We offer face-to-face consumer counseling, bridge loans to help borrowers who are falling behind, and public education to combat foreclosure.

We also encourage homeowners facing foreclosure to call the HOPE Foreclosure Prevention Hotline at 1-888-995-4673.

This nationwide, toll-free hot line is facilitated by the nonprofit Homeownership Preservation Foundation and NeighborWorks America to preserve home ownership and prevent foreclosures.

Contrary to popular belief, the homeowner is not the only one who suffers in a foreclosure.

Communities and neighborhoods experience a drop in property values because of vacant and blighted homes. Banks and mortgage investors also feel the impact, losing at least $50,000 on each foreclosure.

The good news is that most lenders will work with homeowners and their counselors to develop an action plan that can lead to financial recovery.

The dream of home ownership doesn't have to turn into a nightmare because of foreclosure. The earlier that homeowners seek help, the sooner they can become aware of what they are facing and learn options so they can keep their homes.

For information, call Clearwater Neighborhood Housing Services at (727) 442-4155.

Isay Gulley is executive director of Clearwater Neighborhood Housing Services, a member of the NeighborWorks network of more than 235 private nonprofit affiliates working in more than 4,500 urban, rural and suburban communities nationwide.

[Last modified April 20, 2007, 07:16:34]