Did you know?

• Over half of the borrowers in foreclosure have had no contact with their lender.

• 47% of families in foreclosure are first time homebuyers.

• Delinquent families are 4 times more likely to pay important monthly bills late.

• Families in delinquency are more likely to take on several other financial obligations each month.

• Of families who have never contacted their lender about delinquency, 16% were too embarrassed, scared or didn't know who to call for help or support.

• 61% of delinquent homeowners do not know that their lender can assist them in avoiding a foreclosure.

Information courtesy of Freddie Mac

Foreclosures in Oregon are far lower than any where else in the country, however the causes for foreclosure are just as real and significant here as they are in other parts of the nation. For example, of the 1,558,421 households in Oregon 18,817  have gone into foreclosure in 2007.  That might sound like a lot, but by comparison, of Georgia's 3,771,466 households, 102,118 (nearly 3%) have gone into foreclosure.  Information courtesy of RealtyTrac®

Umpqua CDC is partnering with several other agencies in Oregon to provide delinquency counseling and education to residents in Southern Oregon.  Homeowners can make one simple call to 1-888-995-HOPE (4673) and receive information and referrals to a local counselor in their area.  Counselors can help to create loan modifications or work outs, deferments, and payment plans, or can counsel homeowners about the process of protecting credit, looking at a budget and making the transition as smooth as possible.

If you or someone you know if facing a foreclosure, or if you want to learn how to prevent it from happening to you, contact us to speak with a homeownership specialist.

Helpful Links about foreclosure prevention:

www.nw.org        www.freddiemac.com        www.homebycountrywide.com      www.fanniemae.com