Metro DC Foreclosure Intervention Day

Tuesday, April 14, 2009

For Immediate Release

Contact: Jason Karpf

(805) 413.2454, office

(805) 558.9000, cell

HomeFree-USA Announces “Foreclosure Intervention Day—Mortgage Solutions Now”

HUD-approved foreclosure counseling organization opens its doors on April 25 to help homeowners facing home loss or unaffordable mortgage payments

(Hyattsville, MD, April 16, 2009) – HomeFree-USA (www.homefreeusa.org), a HUD-approved, nonprofit homeownership counseling organization, today announced “Foreclosure Intervention Day—Mortgage Solutions Now,” an event to help distressed homeowners, Saturday, April 25, at its national headquarters. This event is part of HomeFree-USA’s previously announced campaign, “Metro DC Foreclosure Intervention, Part 2: Another 1,000 Homeowners Wanted by May 31.”

Homeowners are asked to call 301-891-8400 to book an appointment during the Foreclosure Intervention Day event. At that session, a HomeFree-USA specialist will begin the process to modify the homeowner’s mortgage to more affordable payments and terms, involving eventual negotiations with the lender. Foreclosure intervention services are free of charge to homeowners, with a $10 fee required to run a credit report.

“We helped 1,000 Metro DC homeowners avoid foreclosure at the beginning of the year, and we are ready to do the same for 1,000 more people,” said Marcia Griffin, founder and president of HomeFree-USA. “Our services are free and we know how the system works. We are an advocate for homeowners.”

Ms. Griffin presented the foreclosure intervention timeline and listed items that homeowners should bring to their appointments with HomeFree-USA:

· At the April 25 event, a HomeFree-USA counselor

o Obtains basic information from the homeowner

o Pulls a credit report

o Makes an initial assessment of the homeowner’s current mortgage and discusses scenarios for a modified mortgage with lower payments.

· At a second meeting, the HomeFree-USA counselor creates a monthly budget for the homeowner that includes a prospective, modified mortgage with new payments and terms.

· The HomeFree-USA counselor contacts the lender and begins negotiating a loan modification based on the figures developed in consultation with the homeowner.

· The modification takes about 60 days.

· The homeowner returns when the written modification has been successfully negotiated with the lender and is received by HomeFree-USA.

· For their April 25^th appointments, homeowners should bring originals and copies of the following documents:

o All written correspondence with the lender

o Most recent mortgage statement

o Paystubs (30 days)

o Bank statements (last 30 days)

o Tax returns (Individuals: last 2 years / Business Owners: last 3 years)

o Copy of utility bills (last 30 days)

o Hardship letter

o Original closing and refinance documents (especially if ARM reset). Forms needed from packet - HUD 1 Settlement sheet, Deed of Trust and Note

o $25 credit report fee or recent report with scores (cash, check, credit card or money order)

o $10 copy fee for any copies that need to be made in the office

· Please also bring the following if applicable:

o Social Security statement

o Child support order

o Bankruptcy papers w/discharge

o Divorce decree/separation agreement

Ms. Griffin concluded, “We are based in Metro DC and the federal government is behind us with HUD approval and congressional funding. We are ready to help our neighbors modify unaffordable mortgages. Please join us on April 25^th.”

HomeFree-USA’s “Foreclosure Intervention Day:

· Saturday, April 25

· 10:00 am

· 3401A East West Hwy. Hyattsville, MD 20782, corner of East West Hwy and Editor’s Park Dr.

· 301-891-8400;

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About HomeFree-USA:

Established in 1995, HomeFree-USA is a minority-founded, 501(c)(3) not-for-profit organization specializing in homeownership counseling and foreclosure intervention. It is one of just 15 HUD-approved organizations currently receiving congressional funds to act as an intermediary between homeowners and lenders to prevent foreclosure. Based in the greater Washington, DC area with regional offices in Atlanta and Kansas City, HomeFree-USA provides services across the country through its 80-plus network of faith- and community-based nonprofit partners. The HomeFree-USA network represents 1.5 million homeowners and homebuyers and enjoys a 0% foreclosure rate among families that participate in its pre- and post-purchase counseling activities. To learn more, visit homefreeusa.org

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