Foreclosure news: What’s Real and What’s Not

The recent economic downturn has sent the Internet flooding with staggering foreclosure news. Websites claiming to be authorities on foreclosure are offering their services. But how much of this foreclosure news information is accurate?

You cannot blame some people if they feel compelled to act on the mind-spinning statistics being fed by these so-called foreclosure authority websites. However, one should always take a little time to verify these information and find out whether these news are real or just cleverly designed sales strategies. For all you know, it could just be a fraudulent opportunist wanting to pounce on an unfortunate homeowner facing imminent foreclosure.

Foreclosure news: What's Real and What's Not

Photo Courtesy of Propaganda Times via Flickr

The Internet makes it quite difficult for us to discern what’s real and what’s not, after all, the Internet is practically an anonymous medium. However, sites offering foreclosure news does not automatically make them a professional foreclosure prevention company, neither does it mean they’re a fraudulent company. The easiest way to tell if your foreclosure prevention company is for real is to research a little and learn if they’re on the list of HUD-approved Housing Counseling Agencies.

Federal and state government agencies provide foreclosure news and information through local agencies and nonprofit organizations, providing reliable information on local foreclosure laws, foreclosure avoidance programs, tenants’ rights, grants and programs. Below are some ways to get foreclosure information:

1. Visit HUD’s website.

A list of local programs and strategies are available in HUD’s website to prevent foreclosure. HUD also offers a Community Contacts section in its website, where you can get in touch with local home ownership programs and contacts in your state, county, city or town.

2. Talk to a foreclosure intervention counselor in your neighborhood.

3. Visit your local housing authority

Local housing authorities can provide up-to-date information on foreclosure laws and procedures for landlords facing foreclosure and tenants whose home is in foreclosure.

4. Talk to a HUD-approved foreclosure avoidance counselor in your neighborhood.

HUD sponsors these counseling agencies so they can offer free advice and information.

What are the advantages of working with an HUD-approved housing counselor?

HUD-approved housing counselors:

  • Help you decide what mortgage options are best for you, explain what documents you will need to provide to your mortgage company, including contacting the mortgage company on your behalf
  • Raise your odds of avoiding foreclosure to 1.7 times compared to working with a non HUD-certified counselor
  • Help you make a budget so that you can meet your monthly mortgage payment and other expenses
  • Have information on local resources that may be helpful to you
  • Is free of charge

Foreclosure news should never be taken lightly, therefore, any news on foreclosures should be verified with the right agencies. After all, it’s your home that is involved.

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