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Details Expected on Foreclosure Plan

While they continue their work helping families facing foreclosure, housing counselors are awaiting more details about the Obama administration’s new foreclosure prevention program.

“People are definitely asking how the new housing policy will effect them,” said Andre Gaither, director of the South Chicago office of Neighborhood Housing Services. “At this point the information we have is sketchy.” More details about the plan will be released March 4.

But anyone facing trouble with their mortgage will benefit from seeing a certified housing counselor, who can negotiate with a lender to make sure a mortgage workout is affordable, he said.

Studies have shown that most homeowners facing foreclosure seek no help at all; many of the rest deal directly with their mortgage servicers, often ending up with resolutions that actually increase monthly payments.

“They really need to come to us,” said Gaither. “We’re working for them.”

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