A grant provided by Bank of America, when combined with other donations, has created the Alliance for Stabilizing Our Communities. The non-profit organization is targeting its foreclosure assistance programs at multicultural homeowners who live in the neighborhoods across the nation that were hit hard by the housing crisis. These homeowners are receiving additional resources that can help them stay in their homes and prevent a foreclosure. In addition, numerous nonprofit housing agencies that focus on African American, Hispanic and Asian American communities are also contributing to the Alliance.
Some of the agencies that are participating include the National Coalition for Asian Pacific American Community Development, the National Urban League, as well as the National Council of La Raza. The groups are in effect leading the alliance and mortgage counseling efforts.
Most of the funding is being contributed by Bank of America. They are providing millions of dollars that will be used to provide additional foreclosure and mortgage counselors in local markets. The grant will provide for enhanced counselor training, multi-language outreach materials to educate at-risk borrowers and also a resource guide that will be used to help communities respond to foreclosure challenges that their local area may be experiencing.
The organization will direct its extensive resources and services to a nationwide network of local housing counseling organizations in hard hit. One way they will be doing this is by organizing dozens of home retention fairs across the country.
The programs will be targeted at communities where the number of multicultural homeowners at risk of foreclosure is above the national average, according to a release. The fairs will allow homeowners the opportunity to meet with counselors that are provided by Housing and Urban Development approved organizations and agencies. The services will be offered to homeowners in multiple languages.
In addition, Bank of America will also have home retention associates and other mortgage counselors located on site at the fairs to work with both homeowners and nonprofits to review loans, explore ways to save the home from a foreclosure, and determine refinancing, loan modification or other options. Click here to find additional mortgage programs from Bank of America.
However, the services provided will not stop there. Additional counselors in local markets will be trained on how to provide the most effective help. Loan modification, marketing, mortgage refinancing, and outreach efforts will be offered in multiple languages to inform at-risk borrowers about the Alliance for Stabilizing Our Communities resources. A new resource guide was created to help communities respond to foreclosure challenges. And counselors can direct borrowers to mediation programs. Learn more on mortgage mediation.
If you are interested in applying for aid, homeowners will need to bring a variety of documentation with them to the meeting, including: current pay stubs (within the last 30 days) and federal and state income-tax returns; a budget of your household expenses, three months of bank statements; Copy of closing documents as well as the most recent correspondence from your mortgage company; and you will also need to bring your most recent property-insurance, mortgage statements, and payment history.
The foreclosure prevention and home retention initiative is part of a two-year commitment by the organizations and Bank of America to provide resources and counseling to homeowners with the greatest need and those facing the prospect of losing their home from foreclosure.
For more information or if you want to apply, contact the Alliance for Stabilizing our Communities at 1-866-842-3391.
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