Homeowners in Atlanta can avoid home foreclosures with help from nonprofits which have been able to negotiate deals with mortgage lenders and have obtained funds to finance their counseling operations.
Atlanta nonprofits including the Rainbow PUSH Coalition and the Consumer Credit Counseling Service of Greater Atlanta were able to convince Wells Fargo to implement a foreclosure moratorium this month until the 28th.
According to Wells Fargo spokesperson Jay Lawrence, the bank has heard from civic and community leaders about the foreclosure problems and is now responding to their requests.
In the meantime, Consumer Credit Counseling has informed the public that it has obtained $3.5 million from the federal government’s National Foreclosure Mitigation Counseling Program to finance its foreclosure counseling programs throughout Atlanta and nearby metro areas.
Suzanne Boas, head of Consumer Credit, said that the nonprofit will use the money to conduct more than 18,000 counseling workshops to help distressed homeowners keep their homes.
Boas said that the counseling workshops are free for all homeowners. She called on troubled borrowers to attend the workshops because it is easier for them to avoid home foreclosures if they obtain help early in their default stage.
To further foreclosure assistance programs, the Rainbow PUSH Coalition is also holding its Creating Opportunities Conference this month to help homeowners negotiate affordable loan payments with their lenders.
John McCosh, spokesperson for Consumer Credit, called on homeowners to participate in the conference so they can meet with their lenders. He said that the foreclosure process can proceed quickly in Atlanta from initial default notice to foreclosure sale.
McCosh added that distressed homeowners can improve their chances of putting foreclosure proceedings on hold if they attend workshops where they can show their financial documents and explain their current situations to bank representatives.
Wells Fargo, which has acquired Wachovia in 2008, said it has helped 1,400 borrowers in Atlanta avoid foreclosure over the past month and many more could be helped if they reach out for assistance.
Bank spokesperson Lawrence said that the bank will conduct two foreclosure prevention sessions this month to help homeowners explore several options.
Lawrence added that the bank will not proceed with any foreclosure in the Atlanta metro area until the workshops are completed. He said that a number of homeowners attending the workshops would be given extensions so that they can further consider viable options to avoid home foreclosures.