Details
Low- and moderate-income residents who are in danger of foreclosure may qualify for the state Critical Assistance Program, under which the state will provide homeowners with funds to cover payment of principal and interest on a mortgage loan, property taxes and/or utility costs. These funds are designed for homeowners who suffer from a temporary inability to keep up with these costs and who can demonstrate the ability to stay current on their payments in the future.
Using funds from a settlement with Countrywide Financial over subprime mortgage abuses, the state Attorney General has started a court-based foreclosure mediation pilot program in Milwaukee. Under the program, lenders must inform homeowners as part of the foreclosure notification process that they are eligible for mediation. Lenders must meet with borrowers and state-appointed mediators to try to work out an agreement to modify the terms of the loan to keep the homeowner in the house.
The state Housing and Economic Development Authority's foreclosure resources website offers links to state housing counseling agencies, legal help and assistance in finding rental housing should you be forced to sell your home or lose it to foreclosure.
Where to get help
HOPE NOW hotline: 888-995-4673
State Housing and Economic Development Authority & Neighbor Works website: www.wisconsinforeclosureresource.com