by Jon Sheldon
NCLC just got back from the printer today a new book, Foreclosure Prevention Counseling: Preserving the American Dream (340 pp. with CD-Rom). The guide provides detailed advice on the mechanics of obtaining a workout, with specific options for Fannie Mae, Freddie Mac, subprime, FHA-insured, VA, and Rural Housing Service loans. The book also examines ways families can reduce expenses, increase income, and avoid loans that can get them into even more trouble. Other topics include legal defenses to foreclosure, special rights of those in the military, challenges to overcharges and servicer errors, bankruptcy as a way to stop a foreclosure, and steps to take even after the foreclosure. (View the table of contents here.)
The appendices and companion CD-Rom contain sample forms, checklists, and other key documents, along with state by state summaries of foreclosure and real estate tax abatement laws. Math software helps evaluate workout possibilities. For more details and ordering information, visit the NCLC website here, or call 617-542-9595.
The foreclosure market appears to be expanding with no signs of relief. The combination of overextended sub-prime mortgage holders and an ominous economic slowdown indicate that this is a trend that is likely to continue for at least the next year. With all the negative news in the wind, should you venture into foreclosures now or wait for the bottom of the market to hit?
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Posted by: John | Wednesday, December 05, 2007 at 11:17 AM