Rep. Alonzo Urges Citizens to take advantage of TDHCA’s FREE Foreclosure Prevention Program

AUSTIN, TX – November 16, 2010 – (RealEstateRama) — Today, Texas State Representative Roberto R. Alonzo (Dallas) was informed by the Texas Department of Community Affairs (TDHCA) of some valuable resources and assistance the state agency is making available to all Texans who may find themselves with foreclosure problems and other related issues associated with homeownership. The TDHCA is the state’s homeownership agency, and as such the staff there is committed to helping Texans achieve homeownership, as well as helping home owners avoid foreclosure and remain in their homes. To make all Texans aware of the various resources currently available throughout the state, TDHCA has prepared a valuable foreclosure prevention brochure and other resourceful materials that can be easily accessed by visiting the website at: http://www.tdhca.state.tx.us/homeownership/foreclosure/. Or you may call toll-free at 1-888-995-HOPE (4673). You may also visit the TDHCA state agency website (www.tdhca.state.tx.us and click on the ‘Disaster Recovery Assistance” link on the bottom right hand corner. All these materials and resources are free.

“With today’s challenging economic times of rising unemployment, escalating health insurance costs, rising tuition expenses to attend college, higher utilities, gas for our vehicles, and other related factors affecting our daily lives, it is becoming increasingly difficult for more and more families to provide the most basic needs and necessities to stay afloat. One of the largest expenses most families have is their monthly mortgage and as a result that is usually one of the first things they look at to cut down on their expenses. In the long run, however, that can be more costly in the future as it would negatively impact your credit rating, and lessen families’ chances of getting out of a financial predicament. There are some options out there, and one of those are the valuable resources that our Texas Department of Housing and Community Affairs can provide, along with support from our federal government. I urge citizens to look into these programs,” said Rep. Alonzo.

According to TDHCA, on February 18, 2009, President Obama announced a comprehensive plan to help responsible homeowners avoid foreclosure by providing affordable and sustainable mortgage loans. The Homeowner Affordability and Stability Plan provides for a sweeping loan modification program targeted at borrowers who are at risk of foreclosure because their incomes are not sufficient to make their mortgage payments. The program also includes refinance opportunities for borrowers who are current on their mortgage payments but have been unable to refinance because their homes have decreased in value. Additionally, under the Homeowner Stability Initiative, the US Treasury will spend up to $75 billion dollars to make mortgage payments affordable and sustainable for middle income American families that are at risk of foreclosure. Borrowers who are delinquent on the mortgage for their primary residence and borrowers who, due to a loss of income or increase in expenses, are struggling to keep their payments current may be eligible for a loan modification.

The US Treasury, Housing & Urban Development (HUD) and other Federal Agencies are working with lenders and non-profit housing counselors to put all the systems in place to implement this massive program. There is no fee to borrowers for assistance through the Homeowner Stability Initiative. Beware of any organization that attempts to charge a fee for housing counseling or modification of a delinquent loan, especially if they ask for money in advance. Again, just visit the website above or call toll-free number at 1-888-995-HOPE (4673). All these materials and resources are free.

By: Rep. Alonzo, Roberto R.

CONTACT:
Jesse R. Bernal (512) 463-0408

Contact Info

Capitol Address:

CAP 4N.6, Capitol Building
P.O. Box 2910
Austin, TX 78768
(512) 463-0408

District Address:

400 South Zang Blvd., Suite 801
Dallas, TX 75208
(214) 942-7104

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