Foreclosure Prevention Forum Helps Homeowners

PHOENIX - In Maricopa County alone, there are more than 50,000 homes in some stage of foreclosure, and another 33,000 homes the banks have already taken over.

Wednesday, representatives from the city of Phoenix, Fannie Mae and Wells Fargo Bank, met with foreclosure victims to answer questions.

Behind every 'For Sale' sign, there was somebody who lived there. Rebecca Gonzales wants to save her home before that happens to her. She went to talk to a rep from Wells Fargo Bank. They were standing by to talk to homeowners about a choice other than foreclosure.

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"We're dealing with people who are holding on. They're exhausting their savings, they've tapped out their relatives, all their 401ks are gone, but they're still trying to hold on to their homes," says Henry Wade, of NID Housing Counseling Agency.

For delinquent homeowners who want to stay in their homes, there are really two options. One is modifying a home loan by adjusting the interest rate.

But if you've lost your job, you probably won't qualify for a loan modification. In those cases, forbearance might be your only option. That's when the banks let you pay just a portion of your ortgage until you get back on your feet.

TO FIND OUT IF YOU QUALIFY FOR A LOAN MODIFICATION:
http://www.makinghomesaffordable.gov/eligibility.html

HUD-CERTIFIED COUNSELING AGENCIES (THESE ARE FREE & WILL HELP HOMEOWNERS WALK THROUGH THE MODIFICATION PROCESS)
http://www.phoenix.gov/nsd/fhudage.html

ARIZONA HUD-APPROVED HOUSING COUNSELING AGENCIES (THESE ARE FREE & WILL HELP HOMEOWNERS WALK THROUGH THE MODIFICATION PROCESS)
http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=AZ