Foreclosure Prevention
Milwaukee and Racine Counties Situation
The foreclosure crisis experienced by the nation is also impacting
the State of Wisconsin with devastating affects. The rise
in foreclosure filings has been tied to the surge in the number of
high cost subprime loans made over recent years. Many subprime loans
included Adjustable Rate Mortgages beginning with low introductory
interest rates that escalate at a later date, impacting affordability
by the consumer. Many loans included high fees and were not appropriately
matched to consumer affordability and risk from day one. The foreclosure
problem affects not only new homebuyers but many homeowners that
refinanced their mortgages into inappropriate subprime loan products
as well. The impacts of this national economic crisis is mirrored
through the financial failures felt on Wall Street, Financial Institutions
and the Federal Legislation aimed at economic recovery.
UW-Extension Foreclosure Prevention Programming
- Develop partnerships with key stakeholders for resource and
outreach strategies and implementation for foreclosure prevention
and intervention efforts.
- Presentations to professionals on best practices, regulatory
updates and current foreclosure education.
- Outreach and support of consumer intervention directed at foreclosure
intervention and loss mitigation efforts.
- Media publication for consumer awareness.
Upcoming Events
Professional Conference:
November 5, 2009
"Foreclosures in Wisconsin: Responses and Resources Beyond the Bubble "
Clarion Hotel & Conference Center Milwaukee
For Registration and Agenda: http://www.chicagofed.org/news_and_conferences
Partnering
Agencies:
The City of Milwaukee
Milwaukee Foreclosure Partnership Initiative
The City of Racine
The County of Milwaukee
The County of Racine
The U.S. Department of Housing and Urban Development
Wisconsin Housing and Economic Development Authority
The Federal Reserve Bank of Chicago
Legal Action of Racine
Legal Aide Society of Milwaukee
Metropolitan Milwaukee Fair Housing Council
Neighborworks America
The Money Conference
Banking and Non Profit Housing Agencies
Consumer Resources
Saving your home when faced with the inability to make your mortgage
payments:
- Talk to a HUD-approved housing counseling agency.
- Get legal advice.
- Contact you lender.
- Obtain new loan terms in writing.
Where Do I get Help?
For Foreclosure Counseling Assistance:
- Milwaukee-Housing Resources, Inc. 414-461-6330
- Racine-Housing Resources, Inc. 262-636-8271
- HBC Services, Inc. 414-727-5700
- Metropolitan Milwaukee Fair Housing STOPP (Strategies to Overcome
Predatory Practices) HOTLINE 414-278-9190
- Acorn Housing 1-866-444-6893
- National HOPE NOW HOTLINE 1-888-995-4673
- For additional local HUD approved housing counseling agencies,
call 1-800-569-4287 or visit the HUD website, www.hud.gov/foreclosure/
To be removed from a telemarketing call lists:
Websites for more information on foreclosure prevention and resources:
Avoiding Foreclosure
www.hud.gov/foreclosure/
HopeNow
www.hopenow.com
Home Ownership Preservation Foundation
www.995hope.org
www.foreclosureHelpandHope.org
National Foundation for Credit Counseling
www.housinghelpnow.org
Neighborworks Center for Foreclosure Solutions
www.nw.org
Wisconsin Housing and Economic Development Authority
www.wisconsinforeclosureresource.com
For more information from UW-Extension Cooperative Extension
Please contact Suzanne Dennik, Consumer and Housing
Education Coordinator, Milwaukee and Racine Counties, at
Phone: 414-256-4672 or Email:
suzanne.dennik@ces.uwex.edu.
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