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Texas Forms Foreclosure Prevention Task Force

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Mar 17, 2008 7:00 pm US/Central

Texas Forms Foreclosure Prevention Task Force

DALLAS (CBS 11 / TXA 21) ― Texas homeowners facing foreclosure have a new lifeline. On Monday, officials with local and state agencies, companies and the U.S. Department of Housing and Urban Development announced the formation of the Texas Foreclosure Prevention Task Force.



The idea is to help families facing foreclosure become aware of their options so they can keep their homes. Organizers say they want homeowners to know that foreclosure is preventable.



"We must begin to work with people to keep their homes," said HUD Secreatry Alphonso Jackson. "The average person has invested everything they have into their home. It's their source of wealth. Their source of freedom… they deserve our help."



The task force launches as the foreclosure crisis in Texas and across the country mounts. Compared to this time last year, double digit increases have been posted in Dallas, Tarrant and Denton counties.



Representatives from the Texas Department of Housing and Community Affairs, Wells Fargo Bank and Neighborworks America, joined Secretary Jackson and State Senator Royce West at the United Way of Metropolitan Dallas to announce the task force. They say they will coordinate statewide information to assist Texans facing a home foreclosure.



The task force's primary activity today was to raise awareness about a homeowner's HOPE hotline – 1-888-995-HOPE. The number, that also has bilingual operators, will be available 24/7 to all Texas homeowners struggling with their mortgage payments.

Callers will learn how to communicate with their lenders and will receive assistance creating a budget and an "action plan" that includes options and steps to prevent foreclosure. Callers can also be connected to local free services, including foreclosure intervention counseling and housing counseling.

(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)

© MMIX, CBS Stations Group of Texas L.P. All Rights Reserved.