May 23, 2008

Protecting Neighborhoods, Fighting Foreclosure

Dear Friends:

As the housing industry continues to experience turbulence nationwide, more Milwaukee families face the dangers of predatory high-cost loans, unscrupulous lending practices and the frustration of not knowing who to trust.

In these uncertain times, I am concerned that some residents will be unable to protect their homes.

The City of Milwaukee is committed to helping our neighborhoods remain healthy for generations to come. We are coordinating with various organizations, government agencies and private lenders and reaching out to homeowners facing foreclosure. Our efforts will help people preserve their homes when possible, and work to eliminate predatory lending practices in our community.

Homeowners are urged to seek help early if they are having trouble making their mortgage payments, and should talk to their lender if they are at least 30 days delinquent. Acting soon is critical – the chances of avoiding foreclosure improve dramatically the sooner homeowners seek help.

These reputable agencies can provide those in need with counseling and information:

• Homeownership Preservation Foundation (HPF) Hotline: 1-888-995-HOPE Provides FREE counseling 24 hours a day, 7 days a week in English and Spanish. Counselors will link callers with their lender or a local NeighborWorks organization. This hotline is part of a three-year public service campaign by NeighborWorks America and the Ad Council.
• STOPP (Strategies To Overcome Predatory Practices) Hotline: 1-414- 278-9190. Callers to the hotline receive FREE assistance from staff, which can review loan documents, provide input and advice, work with the borrower’s lender and bring in other STOPP partners to assist as necessary. This initiative by the Metropolitan Milwaukee Fair Housing Council utilizes a coalition of community based organizations, the housing industry and government to identify and eliminate unfair practices.
• Information for homeowners, counselors and others is also available online:
  • Hope Now: www.hopenow.com or www.wisconsinforeclosurerescue.com
  • Homeownership Preservation Foundation: www.995hope.org and www.ForeclosureHelpandHope.org
  • National Foundation for Credit Counseling: www.housinghelpnow.org
  • The NeighborWorks® Center for Foreclosure Solutions: www.nw.org
  • For tips on how to avoid foreclosure, visit the HUD website at: www.hud.gov/foreclosure/index.cfm .
• Local HUD-Approved Housing Counseling Agencies for Post-Purchase Assistance:
  
  Acorn Housing Corp.
  3500 N. Sherman Blvd. , Suite 302
  Milwaukee, WI 53216
  Phone: (414) 444-6902
  Toll Free: (866) 444-6893
  
  Career Youth Development, Inc.
  2601 N. Martin Luther King Dr.
  Milwaukee, WI 53212
  Phone: (414) 264-6888 x231
  
  HBC Services, Inc.
  10533 W. National Avenue, #300
  West Allis, WI 53227
  Phone: (414) 727-5700
  
  Housing Resources, Inc.
  8532 W. Capitol Drive, #201
  Milwaukee, WI 53222
  Phone: (414) 461-6330
  
  Sci-Tech Development, Inc.
  5401 N. 76th Street, #103
  Milwaukee, WI 53218
  Phone: (414) 364-3701

Homeownership is the cornerstone of the American dream and key to Milwaukee’s health and vitality. Protect yourself, your family and your home. Don’t hesitate to utilize these resources if you are facing mortgage foreclosure and predatory lending, and share this information with anyone you know who may be in need.

Sincerely,

Mayor, City of Milwaukee 

Visit my website at: http://www.city.milwaukee.gov/mayor