How to avoid home foreclosures

9:01 AM, Dec 12, 2012   |    comments
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"We're very interested in making people aware that there are free resources to help if you're struggling with a home payment or keeping current on your mortgage. 'The making home affordable programs' have been extended through the end of 2013. There are some new eligibility criteria to broaden the program out to people with rental properties and have entered financial hardship. We're very interested in getting the word out that there is assistance for people and you shouldn't be afraid to reach out. There are two ways to do it. You can call a free number - 888-995-HOPE - or you can just get on our website which is www.makinghomeaffordable.gov," Miller said.

Miller talked further about who the target for this program.

"It's really targeted to homeowners who want to remain in their home. We want to help them avoid foreclosure. So for example, in the Denver area, these programs have helped 30,000 people and in general what happens is the average payment on your mortgage goes down. So in the Denver area, the medium reduction mortgage payment has been about $435 and that really adds up over a year. It is really geared towards helping people stay in their homes and we're particularly interested in people seeking out help early, because the problem doesn't get better, it gets worse. So the sooner, you can reach out for these resources, which are free, the better the outcome will be," Miller said.

Nate Chisholm contributed to this report.

(KUSA-TV © 2012 Multimedia Holdings Corporation)

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