HUD launches ‘Keep your home. Know your loan’ campaign to prevent more foreclosures
Posted by Bhavesh
The Housing and Urban Development Secretary of the U.S. government, Steve Preston advocated a few days ago that HUD would undertake an aggressive stance to stave off the foreclosure crisis by introducing an awareness program for the consumers in Chicago, Detroit, Miami, New York, Los Angeles, and Phoenix. The campaign commenced as ‘Keep your home. Know your loan.’ The consumer awareness program was begun by Preston at a New York City agency, known as Neighborhood Housing Services. It provides free counseling to the delinquent borrowers.
Apart from fighting the mortgage crisis, the HUD was also known for transforming impoverished neighborhoods into secure and clean areas. The HUD has been particularly praised for its successful initiatives in the past with regard to community planning and development. A rehabilitation program of the Carver Park neighborhood was successfully launched few years back. Over 60 homes were restored.
The financial literacy program supports the extensive effort which the HUD has made to assist about 2,600 housing counseling agencies all over the country. Apart from the HUD’s efforts in easing out the mortgage crisis, President Obama’s presidentship is looked upon as a solution to ‘repair the broken economy’. Keeping this in mind, the year 2009 is being regarded as a period of financial literacy.
During the last year, the need for counseling, ratified by the Housing and Urban development Department got further momentum. Preston claimed that “This campaign is a call to action for families at risk of losing their homes.” He further added “We want people to pick up the phone and call a HUD-approved housing counseling agency before they reach a point of no return. Keeping your home may be as easy as dialing (877) HUD-1515.” It is important that the distressed property owners ask for assistance earlier.
Otherwise chances of readjustment become less at a later period of the foreclosure crisis. The “Keep Your Home. Know Your Loan.” program will feature discussions through print, radio and television announcements.
Development Financial Literacy Foreclosure Government Housing HUD U.S. Urban
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