A second category of policy interventions involves education and counseling, legal services, and financial assistance to borrowers who are delinquent on their mortgages. Government agencies and their partners have disseminated educational information to residents about mortgage foreclosures through educational workshops, 24-hour hotlines, informational websites or other "one-stop shops" where families are connected to resources to help them stay in their homes.
To expand their reach and provide assistance to the greatest number of families in need, many localities have established partnerships with HUD-certified housing counseling or legal assistance agencies to help families stay in their homes.
Housing counselors typically work with families by laying out the
Photo Credit Chris Palladino, Courtesy of Mansur Real Estate Services, Inc.
|From the Forum...|
How are regions across the country responding to the mortgage foreclosure crisis? View online Q&A with Todd Swanstrom, Karen Chapple, and Dan Immergluck, authors of the report Regional Resilience in the Face of Foreclosures: Evidence from Six Metropolitan Areas. In the report, the authors look at foreclosure prevention and response in a variety of markets and metro areas - including Cleveland, OH; St. Louis, MO; Chicago, IL; the Inland Empire of Riverside and San Bernardino, CA; and the East Bay area of Alameda and Contra Costa Counties, CA - and present keys to stronger efforts.
Learn more on the HousingPolicy.org Forum.
|MARKET STRENGTH||FORECLOSURE IMPACT RISK|
|C. Actual high foreclosure density||B. High risk of high foreclosure density||A. Low risk of high foreclosure density|
|1. Strong||Facilitate rapid sales to sustainable owners, low/no subsidy||Lower cost effort to prevent foreclosures and vacancies, low/no subsidy||Lower priority|
|2. Intermediate||High payoff/priority, rehab and rapid sale to sustainable owners, target subsidies, neighborhood maintenance||High payoff/priority, prevent foreclosures and vacancies, emphasize neighborhood maintenance||Lower priority but watch carefully, head-off emerging problems early|
|3. Weak||More emphasis on securing/demolishing, land banking||Lower cost effort to prevent foreclosures and vacancies||Lower priority but watch carefully, head-off emerging problems early|
|90 days notice before an eviction. In many communities, tenants have little or no warning that their rental property is going into foreclosure until they are notified of eviction. Prior to passage of the Act, they might have been required to vacate the property within just a few days, making it difficult to find new housing. Local and state governments can adopt or expand laws to provide additional protections for renters; where more protective state and local laws exist, they take precedence over the federal law. |
In addition, there are three main legal exceptions protecting
|From the Forum...|
Learn more about the Protecting Tenants at Foreclosure Act on the HousingPolicy.org Forum, where you can listen to a presentation and view Q&A about the Act by Catherine Bendor of the National Law Center on Homelessness and Poverty, Danna Fischer of the National Low Income Housing Coalition, and David Rammler of the National Housing Law Project.