Consumers Facing Foreclosure

Mon. Jul. 15, 2024

We offer the information and links on this web page in an effort to empower you, your organization, and your neighborhood.

Dealing with Imminent Foreclosure

If you are being foreclosed, it is URGENT that you speak with an attorney IMMEDIATELY!.

While you may speak with the lender, or other advisors, it is critical that you also obtain the advice of an attorney who works for you.

The information contained on this web site is offered for informational purposes only, is general in nature, and is not offered as, nor to be relied upon, as legal advice. No relationship between Cherokee and any other party is created by the information contained on this website or by access to the information

If you are being foreclosed, and if you cannot afford an attorney, free legal counsel is available in most areas. You may be able to obtain advice, free or at low cost, from HUD sponsored housing counseling agencies throughout the country.

If you are facing foreclosure of your home, there are alternatives to foreclosure. Cherokee is not a counselor, not can we provide legal advice or other direct support. However, we are committed to being part of the solution to rejuvenating neighborhoods, and that starts with every individual family and their home. So we offer the resources on this page as appearing, in our opinion, to be useful and unbiased.

Resources That Can Help

  • Help for Homeowners Facing the Loss of Their Home is provided by US-HUD. This site also provides specific information by state and you can scoll through additional information selected by HUD. While every situation is different, these resources address many common concerns.
  • A summary of federal housing assistance programs as of August 2007 is provided in this PDF download, from the National Coalition for the Homeless
  • Assistance and information is also available from the NeighborWorks Center for Foreclosure Solutions, an initiative created to try to help preserve homeownership in the face of rising foreclosure rates.
  • We also can recommend the Homeownership Preservation Foundation. Their help is free. They are an independent non-profit that provides HUD-approved counselors to help homeowners. They can also be reached at 888-995-HOPE.

  • Your local NeighborWorks organization provides valuable support and assistance, and has a look up to assist you in finding a member organization near you.
  • Cherokee supports, and recommends you visit, the web site of The Center for Responsible Lending (CRL) in Durham NC. CRL is a national, non-profit, non-partisan organization that seeks to protect homeownership and family wealth by working to eliminate abusive lending practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions (see next bullet point below.)

  • Self-Help is a community development lender and real estate developer that works with qualified individuals, organizations and communities traditionally underserved by conventional markets. The funds that support our work come from deposits, grants, and other investments made by individuals and institutions across the U.S. While their focus is primarily North Carolina, their information coverage is national, as is much of their advice.

Families Under Siege

The stress of dealing with threatened foreclosure is also taking a serious toll on families.

Counselors say divorces and reports of abuse are rising as families burdened by impending foreclosure take their stress out on one another. Many marriages end under the strain of losing the family's home, often the only major asset they have.

Rising property values allowed families to support artificially lavish lifestyles, by refinancing or using home equity credit lines. When that money ran out, and even worse, when it had to be repaid, the music stopped.

Too often the stress manifests itself in forms of violence or other abuse. Calls to domestic abuse hot lines have spiked in synch with the rising foreclosure rates.

The 2008 Stock Market Suckers Rally commentary explains why some pundits called a false recovery for 2008. (PDF download)

If You Need a Lawyer

If you need a lawyer, but you cannot afford one, you may be able to get free or discounted legal services. To learn more, and to locate legal services in your state, please see our Legal Aid web page.

Cherokee is a real estate investor. Our affiliated companies, including Cherokee Equities and Cherokee Financial, purchase defaulted (non-performing) tax liens and mortgages. However, we do not condone predatory lending, much less fraud, and we report such activities if we learn of them. We carefully analyze debt assets prior to our purchase, to insure that the financial assets we acquire are valid, and the debtors/mortgagors receive fair value for the security instruments.

Like everyone else, we are concerned about the devastation of people and families that results from losing a home, regardless of the causes.

If you have fallen behind on your payments, there is also additional information on the Cherokee Financial web site . However, none of this replaces the advice of a knowledgeable lawyer.

Other Useful Resources include:

HUD Approved Housing Counseling Agencies. HUD sponsors housing counseling agencies throughout the country that can provide advice on buying a home, renting, defaults, foreclosures, credit issues, and reverse mortgages. This link allows you to select a list of agencies for each state.

Cornell University Law School offers a good overview of Landlord-Tenancy Laws, and links to more specific information. Landlord-tenant law governs the rental of commercial and residential property. It is composed primarily of state statutory and common law.

Consumer World provides links to consumer advocates in many states and cities

Due to a dizzying array of innovative financing options, and public policies designed to encourage and facilitate ownership, home ownership is at a historic high. However, this has been accompanied in many areas by record foreclosure rates. If you are one of the millions facing foreclosure, we recommend you read a helpful article on Wiki entitled How to Save Your Home From Foreclosure. (However NOTHING should delay or replace your consulting an ATTORNEY who represents YOU, and was chosen by YOU.)

The FTC(Federal Trade Commission) has a valuable web page with useful consumer information regarding debt collections and your rights.

Mortgage fraud hurts everyone. If you believe that you've been the victim of mortgage fraud, whether or not it contributed to your current situation, we recommend you learn more about this topic, and how you can report it.