Private lenders, federal officials and other stakeholders are starting to kick up education efforts for homeowners feeling the crunch of the subprime mortgage crisis and the rising number of defaults nationwide.
A recent conference in Texas sponsored by the Federal Reserve of Dallas showcased some of the outreach programs underway or being considered to help educate and comfort homeowners.
Wells Fargo has already begun contacting subprime borrowers and alerting them to the company's Steps to Success Program, according to a story about the conference in the Houston Chronicle. Two other companies, EMC Mortgage Corp., and Countrywide Home Loans, the nation's largest mortgage lender, have also created outreach and counseling programs to help reach out to homeowners.
Even the Federal Housing Administration is getting in on the act. The FHA has started sending out letters to its borrowers in cities with high rates of foreclosure, extending offers to attend education seminars and meet with housing counselors.
During the conference, mortgage finance giant Freddie Mac presented a survey that showed nine in 10 homeowners would contact their lender if they knew there were alternatives to foreclosure available, according to the Chronicle.
To learn more about ways to avoid foreclosure, contact one of the lending experts at Mortgage Loan Place today.