Rep. Alonzo Urges Constituents to Take Advantage of Program
Texas Insider Report: AUSTIN Texas Today Texas State Representative Roberto R. Alonzo (Dallas) was informed by the Texas Department of Community Affairs (TDHCA) of some valuable resources and assistance the state agency is making available to all Texans who may find themselves with foreclosure problems and other related issues associated with homeownership.
The TDHCA is the states homeownership agency and as such the staff there is committed to helping Texans achieve homeownership as well as helping home owners avoid foreclosure and remain in their homes.
To make all Texans aware of the various resources currently available throughout the state TDHCA has prepared a valuable foreclosure prevention brochure and other resourceful materials that can be easily accessed
by visiting the website.
Or you may call toll-free at 1-888-995-HOPE (4673).
You may also visit the
TDHCA state agency website and click on the
Foreclosure Prevention Resources" link on the bottom right hand corner. All these materials and resources are free.
With todays challenging economic times of rising unemployment escalating health insurance costs rising tuition expenses to attend college higher utilities gas for our vehicles and other related factors affecting our daily lives it is becoming increasingly difficult for more and more families to provide the most basic needs and necessities to stay afloat.
One of the largest expenses most families have is their monthly mortgage and as a result that is usually one of the first things they look at to cut down on their expenses. In the long run however that can be more costly in the future as it would negatively impact your credit rating and lessen families chances of getting out of a financial predicament.
There are some options out there and one of those are the valuable resources that our Texas Department of Housing and Community Affairs can provide along with support from our federal government. I urge citizens to look into these programs said Rep. Alonzo.
According to TDHCA on February 18 2009 President Obama announced a comprehensive plan to help responsible homeowners avoid foreclosure by providing affordable and sustainable mortgage loans. The Homeowner Affordability and Stability Plan provides for a sweeping loan modification program targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments.
The program also includes refinance opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value. Additionally under the Homeowner Stability Initiative the US Treasury will spend up to $75 billion dollars to make mortgage payments affordable and sustainable for middle income American families that are at risk of foreclosure.
Borrowers who are delinquent on the mortgage for their primary residence and borrowers who due to a loss of income or increase in expenses are struggling to keep their payments current may be eligible for a loan modification.
The US Treasury Housing & Urban Development (HUD) and other Federal Agencies are working with lenders and non-profit housing counselors to put all the systems in place to implement this massive program. There is no fee to borrowers for assistance through the Homeowner Stability Initiative.
Beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan especially if they ask for money in advance. Again just visit the website above or call toll-free number at 1-888-995-HOPE (4673). All these materials and resources are free.
