Advice on how to avoid foreclosure

Monday, September 17, 2007

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Congresswoman Kathy Castor says homeowners can avoid foreclosure.

HILLSBOROUGH COUNTY (Bay News 9) -- As the number of foreclosures in Florida rises, Congresswoman Kathy Castor says help for avoiding foreclosure may be closer than some people might think.

After getting behind on her monthly payments, Isaline Wyatte recently received a letter from her mortgage lender telling her it was about to foreclose on her home.

"I panicked a little, Wyatte said. "And as a human being you do."

But instead of letting foreclosure happen, she sought help from the Corporation to Develop Communities or CDC in Tampa.

Wyatte appeared with Congresswoman Kathy Castor Monday to promote the idea of seeking help to others facing foreclosure.

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Castor said most lenders want to avoid foreclosure just as much as the homeowner does and most communities have resources like the CDC to help.

"If you're a hardworking person, maybe making under $30,000, and you've been making those payments, and you could benefit from a little restructuring and maybe have to pay out over a longer period of time, we can help you work that out," Castor said.

Wyatte appeared with Congresswoman Kathy Castor Monday to promote the idea of seeking help to others facing foreclosure.

Toni Watts, with the CDC, said homeowners should call their lender even if they are only one month past due on a mortgage payment.

"Don't procrastinate. Make the call. Let someone know you need help," Watts said. "The quicker that happens the quicker a resolution happens."

Wyatte said she's glad she made the call.

"Don't wait until later," Wyatte said. "Just do everything they ask you to do. And in the long run you'll be successful."