Sources for mortgage help

Our guest Prentiss Cox said on our show July 5th that before you consider a short sale or a foreclosure, you should see a financial advisor. He recommended two non-profits:

Twin Cities Habitat for Humanity has a Mortgage Foreclosure Prevention Program.

Who do they help?

The program serves any homeowner at risk of or in mortgage foreclosure including homeowners who are delinquent on property taxes or in tax forfeiture. MFPP also services homeowners who are delinquent on homeowner association dues or facing association foreclosures.

Lutheran Social Service has HUD-approved advisors. What do they say they can do for you?

Reduce stress by explaining your rights and options. Explain what to expect from your mortgage company. Protect you from scams. Recommend a specific plan for bringing your mortgage current. Help you reach a ‘soft landing’ after foreclosure.

–Stephanie Curtis, social media host

  • Stephanie Curtis

    Numbers mentioned on the air:

    HUD’s Housing counseling line: 800-569-4287

    The Home Ownership Preservation Foundation: 888-995-4673

    The National Community Reinvestment Coalition: 202-628-8866

  • Justin

    You’re missing a big piece of this story. Starting under HUD Secretary Henry Cisneros and continuing through the Bush Administration, the government mandated that a large portion of government-back mortgages be given to low-income families and minority families. This was a big driver in getting people into loans they could not afford. Please address this in your discussion and don’t place all of the blame on “evil lenders”.

  • Stephanie
  • Joe in Minneapolis

    I recall a PBS Newshour piece on this topic from July 26 2011, using census data to demonstrate the trend.

    Here’s the link to that piece:

    Study: Housing Bust Hit U.S. Minority Households Especially Hard

    http://www.pbs.org/newshour/bb/business/july-dec11/wealthgap_07-26.html

    “In 2009, white households had a median net worth of just over $113,000. Compare that to $6,300 for Latinos, and not quite $5,700 for African-Americans.

    Between 2005 and 2009, whites lost 16 percent of their median net worth, but Latinos lost 66 percent, black households 53 percent, and Asians, who had topped white households in 2005, dropped 54 percent.”

  • Taisha

    I am curious why more homeowners of all races did not do their own due diligence pertaining to the in’s and out’s of acquiring a mortgage loan. Our family recently purchased a home two years ago, and we went into the bank knowing the basics of lending, a range of what rates we would qualify for, and kept up our research through the whole process, in order to NOT be taken advantage of.

    These were simple internet and library research, and personal advise. I do believe there were many that were targeted for predatory lending, but there were also many more people who, liked what they heard, even if it sounded too good to be true, in order to get a quick loan. We definitely live in a “I want it all, and I want it now” world.

  • @KerriMPR also check out @MNHOC for information about free foreclosure reviews and foreclosure preve

    @KerriMPR also check out @MNHOC for information about free foreclosure reviews and foreclosure prevention counseling.

    — Amanda Welliver (@amandawelliver) July 19, 2012

  • More from @AmandaWelliver

    @KerriMPR I work @CommunityNHS; strongly recommend homebuyer education and/or free counseling to be prepared + protected consumers.

    — Amanda Welliver (@amandawelliver) July 19, 2012

  • Matt

    To what extent were credit unions involved in selling fraudulent mortgages? Should people prefer getting mortgages from Credit Unions?

  • Shelli

    I have been trying to get a modification through US Bank. Sent in 98 pages and after 3 months and no action on my file was told that I was not elidgible for a modification because I had $200 at the end of the month… this with them having lost some of my budget information. I am now refiling my forms again since this is my ‘only’ option because my loan is held as a security… do I have any other options?

  • Stephanie

    Justin – Our guest, Jim Carr says that HUD did promote more loaning to minorities and low-income people but didnt promote bad loans. But he says that HUD did not regulate the bad products well enough.

  • bev

    “Facing an enthusiastic crowd at the National Association of Realtors’ annual meeting in Washington, D.C., Clinton launched the National Partners in Homeownership, a private-public cooperative with one goal: raising the numbers of homeowners across America…all were asked to pull together in a partnership made up of 65 top national organizations and 131 smaller groups,…it was unheard of for regulatos to team up this closely with those they were charged with policing…Fueled by dubious industry practices supported by many in Congress and unchecked by most of the regulators charged with oversight of the lending process, the homeownership drive helped to plunge the nation into the worst economic crisis since the Great Depression.” from Reckless Endangerment by Gretchen Morgenson.

  • Peg DAwson

    My reaction to the pregnant CEO is ‘so what?’ Women have been working and raising children since women have been having children. The difference is that this woman will have access to assistance well beyond what other working women have. So, with a good, well-paid nanny, what is the big deal?

  • david

    It’s just a house, walk away. I did not buy more house i could afford at the time. I was not a victim of predatory lending. I got a fixed FHA loan. Now because i have that FHA loan i qualify for no assistance. The banks created the bubble that now makes my house worth 47% of what i paid for it. It’ll be 10+ years before i can sell it, and 20+ years before its worth what i paid for it, if ever. FHA has their insurance so they don’t care, yet they created this mess. We are slaves to the plutocracy. The medical plutocrats raped me on the other end. $10,000 in medical bills and growing, and that’s with insurance left me no choice but to just abandon my home. Wish i would have done it years ago, when the value hit 80% of what i paid. You can rebuild your credit and buy a new home in less time then it’ll take to recoup the loss by waiting for the market to “rebound” because it probably won’t in our life times. I just wish i could bulldoze the house after moving out, leave nothing but rubble for the vultures.

    Our elected shills should have made the banks reduce the underwater portions of ALL our mortgages that were overinflated because of the bankers greed caused bubble, but the electorate are not our shills, they are the banks shills. That’s the true problem, everything else is just rhetoric to get morons to vote for idiots.