Home -> Law Blog Directory -> Politics Blogs -> Hank Johnson's Blog

Politics

: Hank Johnson's Blog

Home Foreclosures Action Center

By Office Staff

Home ownership is at the heart of the American dream. Homes are the building block of neighborhoods. And they’re an important part of a family’s financial security.

That's why foreclosure is such a painful experience for the one and a half million Americans who will lose their homes to foreclosure this year. In September of 2007 alone, 223,000 Americans faced foreclosure.

I will soon be introducing legislation to ensure mortgage customers are adequately informed of the details of their loan and the record of their mortgage company.  While I hope and expect that my legislation will make fairer the relationship between banks and families, there are a number of useful resources for my constituents who need assistance today. Please do not hesitate to call my Washington, DC, office if you need any additional assistance; ask for Nora Todd or Jonathan Ossoff. The number is (202) 225-1605.

• What is Home Foreclosure?
• How to Avoid Foreclosures
• What Can Families & Individuals Facing Foreclosure Do?

What is Home Foreclosure?

According to the Home Ownership Preservation Foundation (995hope.org), foreclosure is "a legal action used by a mortgage company to recover any money from a customer when the customer does not pay his or her debt in accordance with the mortgage agreement. In other words, it's the legal remedy used by a mortgage company to assume ownership of a property when the required loan payments are not made. Foreclosure obliterates otherwise good credit.

"Although the actual process varies from state to state, foreclosure revolves around a homeowner's inability to keep up with monthly mortgage payments. The farther behind the homeowner gets, the closer to foreclosure the homeowner becomes."

Click here to open a new window with a list of common myths about foreclosure.

How to Avoid Foreclosure

If you are facing financial difficulty and suspect you may be unable to make your payments on time, first contact your lender. You may be able to renegotiate the terms of your mortgage.

We also highly recommend you consult the resources listed below (Atlanta Legal Aid Society and the Home Ownership Preservation Foundation). It is better to have contacted them before you are in urgent need of assistance.

What Can Families & Individuals Facing Foreclosure Do?

Atlanta Legal Aid Society and the Home Ownership Preservation Foundation are non-profit resources for families and individuals facing foreclosure. We recommend you contact both to maximize your access to information. Contact Atlanta Legal Aid at one of their offices:

• DeKalb County: (404) 377-0701
• Gwinnett County: (678) 376-4545
• Downtown Atlanta: (404) 524-5811
• SENIOR CITIZEN HOTLINE: 1-888-257-9519
• South Fulton / Clayton County: (404) 669-0233

We highly recommend the Home Ownership Preservation Foundation hotline for immediate counsel. HPF's representatives -- experienced advisors from HUD-approved agencies -- will be able to give you support and advice in your hour of need. Call now: 1-888-995-HOPE (4673).

3 Comments

Full post as published by Hank Johnson's Blog on October 12, 2007 (boomark / email).