Hotline, local counselors and network of lenders team up to help homeowners in trouble
Madison – The Wisconsin Housing and Economic Development Authority, Housing Resources, Inc of Milwaukee, NeighborWorks® America and the City of Milwaukee announced a new initiative aimed at preventing foreclosures in the City today.
WHEDA Executive Director Antonio Riley was joined by Mayor Tom Barrett and John Santner of NeighborWorks America this afternoon to promote a national toll-free hotline with important local ties.
“Each day we hear that foreclosures are on the rise, especially as two and three-year adjustable rate mortgages start to reset. This is a great partnership that we will be replicating throughout the state,” said Riley. “We realize it may be too late for some people, but we also know there are thousands of people in Wisconsin who can still be helped.”
The hotline, managed by the Homeownership Preservation Foundation, helps callers facing foreclosure by working on a budget and trying to arrange a workout with their lender. If additional help is needed, callers from the Milwaukee area will be referred to Housing Resources, Inc. Homeowners can call 888-995-HOPE to reach a counselor 24 hours a day. Additional resources can be found at www.WisconsinForeclosureResource.com.
“The hotline should be a homeowner’s first call. But if they need a little more one-on-one help, we are ready to take them through the proper steps to avoid a foreclosure,” said Trena Bond of HRI, whose agency has trained counselors on staff who can help people.
The partnership also includes a network of local WHEDA-approved lenders, including Associated Bank, who offer safe refinance products. Other lenders include Anchor Bank, M&I Bank, Royal Credit Union, Universal Mortgage, US Bank and UW Credit Union.
The Milwaukee metro area ranks 22nd among 30 major metropolitan areas in the country for having the highest number of subprime foreclosures. Additionally, foreclosures as a result of subprime loans are expected to peak in the coming year.
WHEDA is an independent state authority that works with lenders to provide low-cost financing for first-time homeowners, multifamily housing and small business development in Wisconsin. For more information on WHEDA’s housing programs, call 1-800-334-6873 or visit WHEDA’s website www.wheda.com.
NeighborWorks® America creates opportunities for people to improve their lives and strengthen their communities by providing access to homeownership and to safe and affordable rental housing.To date, we have assisted nearly 850,000 low- to moderate-income families with their housing needs. Much of our success is achieved through our support of the NeighborWorks network ― more than 235 community development organizations working in 4,400 urban, suburban and rural communities in all 50 states, the District of Columbia and Puerto Rico. In the last five years, NeighborWorks organizations have generated more than $12.4 billion in reinvestment in these communities. NeighborWorks America is the nation’s leading trainer of community development and affordable housing professionals. www.nw.org.
