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1. Preventing Further Foreclosures

It is generally easier and much less expensive to prevent a foreclosure than to address a vacant foreclosed property.  Foreclosure prevention strategies have been underway and institutionalized throughout the nation for several years now.

Strategies include:

  • Outreach to borrowers at risk of foreclosure, directing them to counseling.
  • Phone and in-person counseling, including locating and negotiating with servicers for forbearance, modifications, short-sales, deeds-in-lieu of foreclosure, etc. (e.g., 1-888-HOPE-NOW and the Homeownership Preservation Foundation).
  • Counseling to avoid foreclosure rescue scams (e.g., NeighborWorks provides a resource guide on this topic).
  • Negotiated agreements with lenders that require specific responses to delinquent borrowers and counselors (e.g., Empowering and Strengthening Ohio’s People (ESOP)).