Foreclosure assistance or foreclosure rescue companies are popping up all over the country and HUD announced a new ad campaign warning homeowners about the foreclosure scams many are running.

Foreclosure Assistance Companies No Help

Yesterday HUD Secretary Steve Preston held a press conference and unveiled the new media message of “Keep Your Home. Know Your Loan.”. The program Fact Sheet says,

Fact Sheet- “Keep Your Home. Know Your Loan”
Consumer Education Campaign

CHALLENGE: In light of the economic conditions, including declining home values and the increase of resetting mortgage rates, many Americans are facing significant challenges that are contributing to the alarming rate of foreclosures. HUD-approved Housing Counseling Agencies can help homeowners navigate their financial challenges. However, counselors have more options to assist clients when homeowners call early in the process BEFORE they are in crisis.

RESPONSE: Over the next six months, the U.S. Department of Housing and Urban Development is launching a national consumer education campaign urging homeowners to seek free, HUD-approved housing counseling advice. The campaign is a call to action for homeowners and will target communities and demographic groups that are most at-risk.

CAMPAIGN GOAL: Provide marketing and outreach materials, and technical support to assist housing counseling and non-profit agencies that provide services to homeowners. The hope is to target current homeowners to assist them in keeping their homes by:

- Informing them of their loan terms and associated financial options;

- Encouraging them to seek assistance early - CALL TO ACTION; and

- Educating consumers on how to improve general financial literacy.

COMPONENTS: The campaign provides a ‘tool kit’ which includes print, radio and TV PSAs, to support community, non-profit agencies that provide housing counseling services.

PARTNERS: HUD is urging community, cultural, faith-based and political advocates to become involved in the campaign. In addition, HUD is seeking homeowner associations, real estate brokers and other members of industry to take an active role. Visit the website and learn more.

TARGET CITIES: Six cities were chosen for the launching of the campaign which are New York, Miami, Chicago, Detroit, Los Angeles, and Phoenix.

CAMPAIGN BRAND AND HOTLINE: Keep Your Home. Know Your Loan.

CALL 1-877-HUD-1515 for one of HUD’s 2,600 approved Housing Counseling Agencies in your local area. Visit www.hud.gov.

I do want to reiterate that in my experience MOST foreclosure assistance companies are either outright scams or incompetent.

Do your research and never pay money upfront.

Good Luck!

Previous Post:«

Next Post:»

Tags: • • •