Bureau Continues to Expand Foreclosure Prevention Efforts in Maine

In order to provide further assistance to Maine homeowners at risk of foreclosure, the ""Bureau of Consumer Credit Protection"":http://www.maine.gov/pfr/consumercredit/index.shtml signed a contract Monday with the[IMAGE]

""Washington Hancock Community Agency"":http://www.whcacap.org/ (WHCA), adding a ninth certified housing counseling service to its list of nonprofit agencies currently under contract around the state.

According to Will Lund, superintendent of the Bureau, there is a definite need for housing counselors in Washington and Hancock counties, as more than 1,000 residents in these areas defaulted on their mortgages in the last year alone. He said each well-trained counselor will be able to assist up to 125 troubled homeowners annually.

Like all agencies referred through the Bureau, WHCA will not charge fees for its services. ""We want to encourage

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financially troubled homeowners to contact us early to improve their choices of available remediation options,"" said Tim King, WHCA's executive director. ""Homeowners will have a better chance at keeping their homes if they work with a HUD-approved counselor.""

The Bureau, which is part of ""Maine’s Department of Professional and Financial Regulation"":http://www.maine.gov/pfr/index.shtml, also previously signed contracts with eight other nonprofit agencies, including York County Community Action Corp.; Coastal Enterprises, Inc.; Community Concepts; Penquis; Kennebec Valley Community Action; Sustainable Economic Solutions; Aroostook Community Action; and Pine Tree Legal Assistance.

These contracts provide counselors which the Bureau can confidently refer homeowners to. The Bureau said all of these counselors are trained to gather financial information; negotiate with mortgage lenders, servicers, and foreclosure attorneys; and develop payment deferral plans, loan modifications, loan restructurings, or other remedies.

""Our trained counselors assist homeowners throughout Maine through the maze of red tape in order for the consumers to achieve loan modifications,"" Lund said.

According to the Bureau, its effort to provide foreclosure prevention assistance was the result of legislation that took effect in September of 2009. Funding for this program comes from an assessment on lenders at foreclosure auctions.