August 16, 2007

Congressman Gregory W. Meeks Announces
New Private/Public Partnership Aimed To
Reduce Foreclosures In Southeast Queens

(JAMAICA, NY)–The stress of a home foreclosing can be financially and emotionally devastating -- not only for homeowners, but also for families, neighborhoods, and communities.

To confront this problem, the Home Ownership Preservation Foundation, a non-profit dedicated to preserving homeownership, has partnered with local governments, non-profits, borrowers and mortgage lenders/servicers to provide mortgage foreclosure prevention counseling to homeowners who have begun to or are in danger of defaulting on their mortgage. The Homeownership Preservation Foundation's goal is to reduce foreclosures by working with homeowners as early in the process as possible.

The homeowner receives free counseling to address urgent needs concerning the potential or actual foreclosure action. In-person counseling is provided by NeighborWorks, located around the country in all 50 states, Puerto Rico, and the District of Columbia. NeighborWorks organizations are chartered by NeighborWorks America, a national nonprofit created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.

In 2006, over 40,000 homeowners sought help through these counseling services. Nearly half have avoided foreclosure by working out new loan terms or by selling their homes.

"Improving the financial health of our residents is a critical component to regaining financial stability in homeownership," stated Meeks.

Interested residents can call the toll-free telephone number 888-995-HOPE. All calls are confidential and the free service is available 24 hours a day, seven days a week.

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