Foreclosure and Mortgage Default Info Clinics

It is no secret that the housing market has seen better days. Many homeowners are having trouble keeping up with their bills, and mortgage companies, which are supposed to be helping provide loan modifications, seem to be dragging their feet. At the same time, mortgage scam artists from around the country are converging on Rhode Island, promising a quick fix for a fee but not delivering results.

How are homeowners supposed to navigate these troubled and turbulent times? Homeowners have to find a reliable resource whose goal is to find real solutions, not profit from others’ hardship. HUD-Approved Housing Counseling Agencies are nonprofit organizations that work with homeowners to avoid foreclosure on their primary residence. People who receive counseling from a HUD-Approved Housing Counseling Agency are 60% more likely to stay in their homes, and have significantly better chance of receiving a loan modification than those who try to go it alone. On top of that, counseled homeowners who obtain loan modifications lower their monthly payments an average of $454 more than homeowners who do so without a counselor. 

NeighborWorks Blackstone River Valley (NWBRV), the only HUD-Approved Housing Counseling Agency in Northern Rhode Island, understands that taking the first step toward counseling is often stressful and can be intimidating. That is why they have announced a weekly event that will enable homeowners to begin the process without pressure. Every 1st and 3rd Tuesday of the month, the NWBRV HomeOwnership Center at 719 Front Street, Suite 101, in Woonsocket opens its doors from 10am-11am for a special Foreclosure and Mortgage Default Information Clinic. Homeowners are able to attend the session, meet the counselors, and ask any questions they may have. The event is not just for people who are already in default. Anyone can stop by and ask questions, even if they are current on their payments.

“We know how hard it is for people to ask for help when it comes to their finances, and that many people feel hopeless right now,” says Felicia Diaz, NWBRV HomeOwnership Center director. “There isn’t an easy solution, and people have to beware of those who promise one for a fee. But there is hope, and the earlier families get involved with a HUD-Approved Counseling Agency, the better their chance of keeping their home.”

The sessions are held from 10am to 11am on the 1st and 3rd Tuesdays of every month at 719 Front Street, Suite 101 in Woonsocket, and are free and open to the public. No appointments are necessary. For more information or directions, please call 401-762-0074 ext.209.