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Foreclosure has many causes: the credit crisis, high unemployment levels, high health costs and a slow economy to mention a few. However, the easiest cause of foreclosure to fix is a lack of education. According to statistics provided by the Federal Deposit Insurance Corporation more than 6 in 10 homeowners delinquent in their mortgage payments are not aware of the mortgage aid programs available to borrowers. Add to this that according to a report by Freddie Mac, 6 in 10 homeowners wish they understood their mortgage better, and you can see how good mortgage education might help the real estate business.
This is the view of the Office of the Indiana Attorney General. It offers homeowners who have received a foreclosure notice, missed one or more payments or are worried they might miss a payment the opportunity of attending a free foreclosure prevention workshop. These workshops help homeowners budget better and provides information on how to join mortgage aid programs that can help them save their home.
The same program offers homeowners the opportunity of finding a pro bono attorney that specializes in foreclosure cases. Pro bono lawyers are part of Indiana Courts Pro Bono Commission, which offers low-income citizens free or low-cost legal representation.
Another program homeowners in Indiana can turn to is the Indiana Foreclosure Prevention Network. If you are at risk of missing a mortgage payment call 877-GET-HOPE for professional guidance on how to save your home from ending in an auction. According to Lt. Governor Becky Skillman, it is vital to get help early because there are more choices available and the sooner homeowners recognize the seriousness of their situation the sooner they can take effective steps to fix the situation. This program joins the efforts of private, public and nonprofit organizations to provide a toll free helpline and website that offer free counseling to homeowners.
Both these organizations will help you apply and qualify for government mortgage aid programs that can help you reduce your monthly payments by restructuring your mortgage. The professional counselors that work for these organizations usually have your best interests at heart and are paid by government grants. Avoid wasting time and falling for foreclosure rescue scams that only help the con artists that run them.
However, education is not the filling of a bucket but the lighting up of a fire. You can be your best teacher if you are willing to spend the time to find out how mortgage aid programs work and save your home. Education could end being your best investment.
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