Maricopa Chamber Finance Blog

Oct 27

Facing Foreclosure? Help is Available…

Last modified: October 27, 2008

By Terri Kingery | Email Author

Foreclosures workshop all about providing glimmers of hope
By ADAM GAUB, Managing Editor
Maricopa Monitor

A workshop on foreclosures drew more than 150 residents from Maricopa and beyond as speakers sought to help people find the light at the end of the tunnel.

Cheri Horbacz, chair of the Arizona Foreclosure Prevention Task Force, said residents ho are dealing with a foreclosure need to know there are better options than merely running away from the problem.

“People are able to learn that there’s hope and a process,” Horbacz said. “There are local agencies available that can act as an advocate for the homeowner with the lender to come up with a solution.”

The key, she said, is to first get on a budget to see what can be afforded each month for payments. Helping a family construct a budget and find feasible solutions, Horbacz said, are available HUD-certified counselors, who provide services for free.

A list of area HUD-certified counseling agencies are online at www.hud.gov.

Horbacz said repayment options done directly through lenders often just tack on what is owed to monthly payments that homeowners were already struggling to meet. That’s why she encourages those in need to seek help from the HUD-certified counselors, who could also recommend a short sale or deed-in-lieu process so homeowners can avoid simply abandoning a home they cannot afford.

While some did get into the housing market over their heads, Horbacz said there a number of people with reasonable mortgages that are struggling simply because of the downturn in the economy.

Horbacz also warned of scams that could see a homeowner wind up in a worse situation than before. She recommends calling the state task force helpline at 877-448-1211 or the HOPE hotline at 888-995-HOPE to avoid getting scammed when seeking help.

Horbacz said 85 homeowners were able to be seen by counselors individually at the Maricopa event and has sen upwards of 500 people attend similar events in recent months across the state.

“To empower people makes what we do all worth it,” she said.