The economy drops the (other) “F” bomb
March 19, 2008
Lake Saint Louis
These days it’s common to see many homes for sale on the same street, many advertising “new price.” One can’t help but wonder if foreclosure is to blame.
The for sale signs are polka-dotting subdivisions which have barely celebrated their first birthdays. It’s a sign of the times, it seems. According to RealtyTrac, there are 397 St. Charles County homes in pre-foreclosure and 681 bank-owned homes for sale.
But there are some steps home owners can take before surrendering.
The U.S. Department of Housing and Urban Development (HUD) offers some tips for those facing foreclosure:
*Don’t ignore the problem.
*Contact your lender soon.
*Open and read all mail from your lender.
*Read your loan documents to learn the consequences of not making payments.
*Learn foreclosure laws for your state.
*Talk to a HUD-approved housing counselor.
*Eliminate non-essential spending.
*Consider selling a car or jewelry or get an extra job.
*Avoid foreclosure prevention companies. A HUD-approved housing counselor will provide information free of charge.
*Beware of foreclosure recovery scams.
In addition, Senator Claire McCaskill’s office released the following resources:
Avoiding foreclosure:
Department of Housing and Urban Development (HUD)
314-539-6583
www.hud.gov
Legal Services of Eastern Missouri (know your consumer rights)
800-444-4863
www.lsmo.org
How to get and maintain home ownership:
Acorn
314-531-7034
www.acorn@acorn.org
Beyond Housing
314-533-0600
www.beyondhousing.org
NeighborWorks
202-220-2300
www.nw.org
Starting Over: What happens when you no longer have a home?
Catholic Charities Housing Resource Center
314-367-5500
www.ccstl.org
St. Patrick’s Center
314-802-0700
www.stpatrickcenter.org
It’s critical to stay abreast of your situation and get the help you need.
Copyright 2008 Neighbors About Town