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.
- 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)).