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Foreclosure prevention efforts in Montana - 8/31/07WHAT'S AVAILABLE
GREAT FALLS - On Friday, August 31, 2007, President George W. Bush announced from the White House his foreclosure prevention initiative, which includes modernizing the Federal Housing Administration (FHA), exempting canceled mortgage debt from income taxes, and new ways of providing refinance assistance to troubled homeowners. The Montana HomeOwnership Network and its partners have provided foreclosure avoidance assistance to more than 800 families in 2007. This year, more than 800 Montana families will lose their homes to foreclosure. In some cases, this is unavoidable because the home has been abandoned. But for hundreds of owners, foreclosure can be prevented if the family makes one call for help. The Montana HomeOwnership Network, in conjunction with NeighborWorks America, MHN's national partner, and the Ad Council, has launched a multi-media campaign designed to get troubled borrowers to call the national foreclosure prevention hotline at 1-888-995-HOPE. The hotline is staffed 24 hours a day by trained homeownership counselors. The hotline provides options - budgeting to catch up on past due payments and lender intervention to change the terms of the loan or make repayment arrangements. If homeowners need additional assistance, they are referred to the Montana HomeOwnership Network, which can provide assistance in the form of a loan (at no interest or deferred if necessary) if the family has recovered from an event such as an illness or job loss that put them into delinquency. If the family can no longer afford the home, MHN provides assistance with the short sale or arranging a deed in lieu of foreclosure. MHN's foreclosure prevention activity has increased 10-fold during the past year, according to Robyn Black, MHN compliance specialist, with MHN partners assisting more than 1,000 Montana residents in the first nine months of fiscal 2007. Foreclosure counseling is offered by MHN partners NeighborWorks Great Falls, homeWORD of Missoula, Billings Human Resources Development Council, Kalispell/Libby Human Resources Development Council and Consumer Credit Counseling Services of Montana. A $400,000 gift to MHN to create a foreclosure prevention loan fund has allowed the agency to offer no-interest and deferred-payment
loans where necessary to preserve homeownership. Statewide homeownership planning coordinator Karen Nebel said that loans are only
offered after all other avenues are exhausted and only when the borrower can afford to continue to make the mortgage payments. Nebel noted that foreclosures cost everyone money - the lenders have legal and resale expenses, towns have the costs of monitoring
vacant properties, neighbors lose value in their own homes and the family is faced with relocating and the emotional trauma of
foreclosure. Funding for foreclosure prevention counseling is provided by the Montana Board of Housing, US Department of Housing and Urban Development and Freddie Mac. Freddie Mac, a national company which purchases home mortgages from lenders, donated funds specifically for foreclosure prevention in the Libby area, where job losses and asbestos-related illnesses has decreased income for many families. Nebel noted that Senator Max Baucus is very interested in the Libby area and helped obtain the Freddie Mac investment there. www.foreclosurehelpandhope.org Community Lend-a-Hand project - 5/25/07Contact: United Way of Cascade County Becky Fisher 727-3400 Great Falls first-ever Lend-a-Hand Project will be in operation on Thursday, June 7, and Saturday, June 9, gathering volunteers to help elderly Great Falls citizens with lawn care, outside window washing, minor repairs and general cleanup of their yards. Co-sponsors United Way of Cascade County, the Retired Senior Volunteer Program (RSVP) and NeighborWorks Great Falls (formerly Neighborhood Housing Services) hope that Lend-A-Hand will become an annual event demonstrating that neighborliness is still a great part of Great Falls. Individuals, families and church and community groups can register as volunteers by calling the United Way at 727-3400 by June 1. Volunteers will be matched with seniors in their neighborhoods who need a hand with outdoor chores. Clean-up materials will be provided by RSVP, and lawn bags will be donated by NeighborWorks. Volunteers should bring work gloves, rakes and lawn mowers if available. Laura Bolstad, NeighborWorks community coordinator, said the three groups decided to sponsor the Lend-A-Hand Project when they realized that RSVP had a list of nearly 50 seniors in need of some help. "We think the community will respond very positively to this project," Bolstad said. "Most people will help out if they know someone needs a hand. This is a way of matching those in need with those that can help." Project Lend-A-Hand was developed by the Fix-Up Great Falls group, which includes Habitat for Humanity, Opportunities Inc., Aging Services, Easter Seals, Montana AFL-CIO and local trade unions, including Laborers, Operating Engineers, Electrical Workers and Plumbers and Pipefitters. NHS of Great Falls will present an all-day HomeBuyer Education class - 2/11/06Neighborhood Housing Services of Great Falls will present an all-day HomeBuyer Education class on Saturday, Feb. 11. The class will run from 8 a.m. to 5 p.m., with a break for lunch. The classes are offered to anyone thinking of purchasing a home. Attendance for the entire day is necessary for certification. Certification allows potential homebuyers to participate in NHS programs, including eligibility to buy a newly constructed NHS home, or to apply for assistance with a down payment or closing costs. The class is free. Participants must sign up in person at the office in advance, and a $20, refundable deposit is required to ensure attendance. If a participant misses a class, the $20 is forfeited. Homebuyer counselor Laura Bolstad said individuals and families of all incomes will find the Homebuyer education course helpful. Topics covered will include credit and budgeting information, working with a Realtor, applying for a loan, the home inspection, homeowners' insurance and the closing process. For class location or more information, call 761-5861. To sign up, come to the office at 509 1st Ave. S. There is no deadline to sign up, but the classes fill up quickly so participants should sign up soon as they are sure they want to take the class. Promotion of Laura Bolstad and introduction of Carrie Koppy - 2/1/06Neighborhood Housing Services has promoted Laura Bolstad to housing counselor, and has hired Carrie Koppy to take her former position. Bolstad, who has worked at NHS since May 2003, starting as the administrative assistant. She became the lead administrative assistant in 2004 and was promoted to housing counselor in December. Her job will include offering pre- and post-purchase counseling to potential homebuyers, including teaching homebuyer education classes, working with potential homebuyers to clean up their credit and develop home budgets and helping homeowners avoid foreclosure. Koppy was hired as the lead administrative assistant in December. She previously worked at the Great Falls Tribune for 14 years. NHS pursues dual goals of rebuilding historic Great Falls neighborhoods and creating homeownership opportunities for low- to moderate-income families. |