Realtors would want to emphasize that the foreclosure problem does not only affect the homeowners who can not manage their mortgages anymore, but the whole housing industry. So to prevent further plunging of median home prices, we must first prevent foreclosure.
Without a definite system that tracks down foreclosure cases in the Springfield area, nobody can be sure on how many foreclosures occur in the area yearly. But according to the president of the Capital Area Association of Realtors Nancy Long, local lenders are not using the ineffective mortgage systems that may have caused many foreclosures so she thinks there are less foreclosures in the area as expected.
The Capital Area Association of Realtors stresses to troubled homeowners that there are state and federal packages that can help them prevent foreclosure.
A mortgage modification program that lowers monthly dues is one of the good choices for those troubled homeowners who want to prevent foreclosure. A new federal project called Making Home Affordable program might help 9 million qualified homeowners to refinance or even modify their mortgages.
Homeowners can also talk to U.S. Department of Housing and Urban Development approved-foreclosure avoidance counselors that offer free help to find the perfect mortgage option for you.
Meanwhile, Illinois troubled homeowners can prevent foreclosure through the 90-day grace period allotted for them to work with a lending or housing counselor. This is a project approved by Governor Pat Quinn last spring.
To apply for these foreclosure prevention programs you must prepare to document your current financial situation, account balances and assets. A letter of explanation about why you can not manage your mortgage anymore is also required if you are eyeing to apply for the Making Home Affordable program.
Take note that these programs are not compulsory to lenders, so know if your lenders are participating in these programs that aim to prevent foreclosure. Your lenders would present you these options to let you know that you are not alone in trying to prevent foreclosure, just ask for help.