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WE CAN HELP!
Foreclosures, Adjustable Rate Mortgages, and Subprime lending Abuses have been receiving daily coverage in the
media. In relative terms, Texas and central Texas have not been impacted as severely as communities on the East and West
Coasts. Even though the numbers are not as large, the impact is very real for the families in Austin facing foreclosure.
Based on Addison-based Foreclosure Listing Service, Inc., there were 14,000 foreclosure postings in 2009, a staggering
57% increase over 2008. Travis County (58% increase), Williamson County ( 61% increase) and Hays County (55%
increase) all experienced increases in foreclosure postings over 50% from the year prior.
Foreclosure postings are up 36% for the first quarter of 2010.
It is difficult to predict the future based on just a few months data, but experts are warning that the fallout from the subprime
and adjustable rate debacles are not yet reflected in the foreclosure rate. That will change in the months and years ahead when
foreclosure postings are expected to climb dramatically as interest rates are reset on adjustable rate mortgages.
Many Families Are Unaware of the Solutions
While most consumers are unaware of the fact, there are many options available to assist a homeowner prior to foreclosure.
These options include the following:
Forbearance — suspending or reducing payments for a period of time
Repayment plan — adding past-due amounts to the future monthly payments
Loan modification — adding the past-due amounts to the principal balance, extending the term of the loan, or reducing the
interest rate
Pre-foreclosure sale (short sale) — selling the property for less than is owed on the mortgage
Frameworks CDC staff persons have received extensive training in Foreclosure Prevention and Loss Mitigation from
Neighborworks America and the U.S. Department of Housing and Urban Development.
Frameworks CDC helps families facing the threat of foreclosure by providing:
One on One Counseling to determine the family’s circumstances, create a realistic budget, and develop a plan to help the
family work its way out foreclosure.
Making sure that the family is fully informed of its rights and responsibilities, and possible methods of staving off the
pending foreclosure.
Acting as an intermediary with the lender or loan servicing company to help the family find a positive resolution to the pending
foreclosure.
media. In relative terms, Texas and central Texas have not been impacted as severely as communities on the East and West
Coasts. Even though the numbers are not as large, the impact is very real for the families in Austin facing foreclosure.
Based on Addison-based Foreclosure Listing Service, Inc., there were 14,000 foreclosure postings in 2009, a staggering
57% increase over 2008. Travis County (58% increase), Williamson County ( 61% increase) and Hays County (55%
increase) all experienced increases in foreclosure postings over 50% from the year prior.
Foreclosure postings are up 36% for the first quarter of 2010.
It is difficult to predict the future based on just a few months data, but experts are warning that the fallout from the subprime
and adjustable rate debacles are not yet reflected in the foreclosure rate. That will change in the months and years ahead when
foreclosure postings are expected to climb dramatically as interest rates are reset on adjustable rate mortgages.
Many Families Are Unaware of the Solutions
While most consumers are unaware of the fact, there are many options available to assist a homeowner prior to foreclosure.
These options include the following:
Forbearance — suspending or reducing payments for a period of time
Repayment plan — adding past-due amounts to the future monthly payments
Loan modification — adding the past-due amounts to the principal balance, extending the term of the loan, or reducing the
interest rate
Pre-foreclosure sale (short sale) — selling the property for less than is owed on the mortgage
Frameworks CDC staff persons have received extensive training in Foreclosure Prevention and Loss Mitigation from
Neighborworks America and the U.S. Department of Housing and Urban Development.
Frameworks CDC helps families facing the threat of foreclosure by providing:
One on One Counseling to determine the family’s circumstances, create a realistic budget, and develop a plan to help the
family work its way out foreclosure.
Making sure that the family is fully informed of its rights and responsibilities, and possible methods of staving off the
pending foreclosure.
Acting as an intermediary with the lender or loan servicing company to help the family find a positive resolution to the pending
foreclosure.