Foreclosure Resources and Links

Understanding Foreclosure

Foreclosure timelines and procedures vary substantially among states. State foreclosure laws and regulations can be found at
www.foreclosurelaw.org and
www.foreclosures.com/www/pages/state_laws.asp.
For updated laws and regulations, contact the state attorney general's office. A comparison of foreclosure laws across states can be found at
www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp.
For more information on Texas foreclosure laws and regulations, see the following articles by the Real Estate Center at Texas A&M University:
For research and reports on foreclosure, go to www.nw.org/foreclosuresolutions/reports/reports.asp .

The U.S. Department of Housing and Urban Development (HUD) provides a list of HUD-approved housing counselors located in communities across the U.S. who provide free counseling to borrowers facing mortgage problems. For a list of HUD-approved counseling organizations by state, go to:
www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm
Homeowners who are having trouble paying their mortgage can call 888-995-HOPE for free counseling and assistance from nonprofit, HUD-approved agencies. The phone is answered 24 hours a day, 7 days a week, and Spanish speaking counselors are available. www.995HOPE.org
The Federal Reserve maintains a website with information and links to agencies and organizations that may provide assistance to consumers experiencing difficulty making their mortgage payments. For more information, see www.federalreserve.gov/pubs/foreclosure.
The Federal Reserve provides information to consumers on how to make well-informed mortgage choices. For more information, go to
www.federalreserve.gov/consumerinfo/mortgages.htm.
Consumers who have a problem with a bank or other financial institution can contact the Federal Reserve to ask questions or file a complaint. The toll-free number is 888-851-1920, and the website is www.federalreserveconsumerhelp.gov.

Local coalitions have been formed in several Texas cities, including the Dallas–Fort Worth and Houston HOPE partnerships and San Antonio's Foreclosure Prevention Task Force (see San Antonio story in this issue). These coalitions are made up of mortgage lenders and loan servicers, nonprofit counselors, representatives of local municipalities and other community leaders who are working together to reduce foreclosures and preserve homeownership. The coalitions conduct foreclosure prevention workshops for consumers and promote awareness of various consumer resources available, including the Homeownership Preservation Foundation's toll-free hotline, 888-995-HOPE.
The Texas Foreclosure Prevention Task Force (TFPTF) was established to coordinate statewide foreclosure prevention efforts. The TFPTF involves NeighborWorks America, the Texas Department of Housing and Community Affairs, HUD, numerous lenders, nonprofit counseling agencies, municipalities and others. The TFPTF conducts campaigns to promote 888-995-HOPE, raise funds for counseling agencies, provide counseling training opportunities and promote public awareness of alternatives to foreclosure. Membership is open to any organization interested in reducing the impact of foreclosures on families and communities in Texas. For more information, contact JoAnn DePenning at jdepenning@austin.rr.com .

To help identify servicers responsible for vacant or abandoned properties, the Mortgage Bankers Association maintains a list of property preservation contacts across the United States. For more information, go to www.mortgagebankers.org/files/PropertyPreservationList.pdf.
The National Vacant Properties Campaign supports communities' vacant property revitalization efforts. For more information, go to www.vacantproperties.org.

Federal Reserve Bank of Dallas Community Development Office P.O. Box 655906, Dallas, Texas 75265-5906 214-922-5377
Gloria Vasquez Brown Vice President		Alfreda B. Norman Assistant Vice President and Community Development Officer
Jackie Hoyer Houston Branch Senior Community Development Advisor		Julie Gunter Senior Community Development Advisor
Wenhua Di Community Development Economist		Elizabeth Sobel Community Development Specialist
Roy Lopez Community Development Specialist
The views expressed are the authors' and should not be attributed to the Federal Reserve Bank of Dallas or the Federal Reserve System. Articles may be reprinted on the condition that the source is credited and a copy is provided to the Community Development Office.