The Wisconsin Housing and Economic Development Authority is launching a new effort to help homeowners facing foreclosure.
WHEDA Executive Director Antonio Riley says many families are already struggling under a nationwide mortgage crisis, and the problem is expected to grow worse. Riley says many two and three-year adjustable rate mortgages will set over the next year. He says that could lead to an even larger spike in foreclosure actions as families are unable to pay up.
The agency is partnering with homeowners groups and lenders to help prevent many of those foreclosures. Riley says they've established a hotline for those facing financial troubles, which can be reached by calling 1-888-995-HOPE.
The hotline will advise homeowners on how to avoid foreclosure. Riley says counselors will als direct them to lenders who may be able to help them refinance, so they can stay in their homes.