Options to Prevent Foreclosure

Real Estate, Education and Community Housing pic

Real Estate, Education and Community Housing
Image: reach4housing.org

Patricia M. Tracey is the founder of Real Estate, Education and Community Housing (REACH), based in Palm Beach Gardens, Florida. Through her work at REACH, Patricia M. Tracey counsels Florida’s low and moderate income community members in working toward home ownership and avoiding foreclosure. To date, REACH has helped more than 500 families save their homes from foreclosure.

Several options are available to homeowners when they face possible foreclosure. These options include loan modifications, foreclosure bailout loans, or forbearance, which are tactics to adjust or delay mortgage payments to give homeowners a chance to right their payments and get back on track.

When these tactics don’t work, homeowners still have options to save their credit before foreclosure needs to happen. Short sales can happen when the homeowner is “upside down” on their mortgage, or owing more than the house is worth. Here, the lender takes over the sale of the home to their benefit. Bankruptcy may also be a better option for some, allowing time to create a plan to pay off debt, generally without accruing interest.

The above are only two of the options available to homeowners who are concerned about foreclosure. Foreclosure counselors, such as those at REACH, can help families to decipher the many options available to them and decide the best plan of action to prevent foreclosure.

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REACH Programs Help Florida Families Keep their Homes

Real Estate, Education and Community Housing pic

Real Estate, Education and Community Housing
Image: reach4housing.org

Dedicated to helping families remain in their homes, Patricia M. Tracey serves as executive director of REACH in Palm Beach Gardens, and Miami, Florida. Under Patricia M. Tracey’s direction, the organization has helped thousands of Florida residents avoid the perils of foreclosure.

REACH, or Real Estate, Education and Community Housing, is a nonprofit foreclosure counseling agency in Florida. The organization exists to serve the needs of families who are facing foreclosure in the state of Florida. Established in 2006, the organization has spent the last decade helping people from modest backgrounds remain in their homes.

REACH works through several programs to offer the variety of assistance that many of their clients need. In addition to their basic foreclosure intervention services, REACH helps people establish or repair their credit through the credit mitigation program. The organization also offers a homebuyer education program as well as a home ownership program. Both of these provide prospective first-time buyers with the resources they need to make informed decisions.