Magazine article Partners in Community and Economic Development

Overcoming Foreclosure Information Overload

Magazine article Partners in Community and Economic Development

Overcoming Foreclosure Information Overload

Article excerpt

If you search for the word foreclosure online, you will get over 50 million hits. There are over half a million hits under the foreclosure resource heading. These sites vary greatly in what they offer. Some focus on homeowners and others are designed for investors, academics, nonprofits or government organizations. They may provide consumer information, market data, research or links to other sites. Many offer products and services for consumers and investors--usually for a fee.

This information overload can be very confusing and frustrating. Furthermore it is often difficult to distinguish between legitimate and fraudulent sites, prime and predatory products.

In an effort to provide the most up-to-date information about foreclosure and the housing market, the Federal Reserve System has launched an online Foreclosure Resource Center at each of our 12 Banks. These websites are one-stop-shops that offer national and regional data and other information to support a range of inquiries. Our Fed Foreclosure Resource Centers should be useful for community-based organizations, government agencies, financial institutions and concerned consumers.

For consumers, especially homeowners and homebuyers, the Fed's Foreclosure Resource Centers provide descriptions of loan options and alternatives to foreclosure. The site includes a video that outlines foreclosure law, describes the foreclosure process and advises homeowners who are unable to make mortgage payments. Additional information on the site helps consumers understand how different mortgage products will affect their particular situations. …

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