Iowa gets $1.5M grant to relieve mortgage woes
1:46 PM
Posted: Thursday, February 28, 2008
DES MOINES, Iowa (AP) -- The state has received $1.5 million in federal money to help Iowans facing mortgage and foreclosure woes, officials said Thursday.
Iowa Attorney General Tom Miller said since his office started a foreclosure phone hot line for homeowners last September there have been 8,000 calls. Iowa Mediation Service, which staffs the hot line, refers callers to housing counselors to get help.
Miller said money from the federal grant will go toward training and adding hot line staff, including those with bilingual skills.
"There are so many problem loans and possible foreclosures and so many of them have to be handled sort of on a one-on-one basis that we need all the help we can get," Miller said at a press conference to announce the grant.
The money will also reimburse the nine counseling agencies across the state, which receive referrals from the hot line, for each person they aid. Other groups assisting the state program include Iowa Home Ownership Education Project and Iowa Legal Aid.
The program aims to help 7,000 Iowans by the end of the year, Miller said. The hotline's name has changed to "Iowa Mortgage Help Hotline," but the toll-free number -- 1-877-622-4866 -- will remain the same.
Bret Mills, executive director of Iowa Finance Authority, said the state is working on a public awareness campaign to encourage people to seek help.
"Some of the reasons people don't call is because they are despairing. They don't understand the process, they don't understand the options. They're afraid, they're sometimes embarrassed," he said. "As the clock ticks the options start to run out, so we encourage them to pick up the phone and call."
Richard Booth of Stout, which is near Waterloo, spoke at the event about his family's struggle to keep up with housing payments and other bills. Last April he got guidance at a credit counseling center in Waterloo, but Booth said he wishes he'd sought help sooner.
"I didn't go in there earlier (because) I had too much pride," he said. "Now things are going good."
On the Net:
Iowa Mortgage Help: http://www.iowamortgagehelp.com
Iowa Finance Authority: http://www.ifahome.com/
AP-CS-02-28-08 1346EST
Iowa Attorney General Tom Miller said since his office started a foreclosure phone hot line for homeowners last September there have been 8,000 calls. Iowa Mediation Service, which staffs the hot line, refers callers to housing counselors to get help.
Miller said money from the federal grant will go toward training and adding hot line staff, including those with bilingual skills.
"There are so many problem loans and possible foreclosures and so many of them have to be handled sort of on a one-on-one basis that we need all the help we can get," Miller said at a press conference to announce the grant.
The money will also reimburse the nine counseling agencies across the state, which receive referrals from the hot line, for each person they aid. Other groups assisting the state program include Iowa Home Ownership Education Project and Iowa Legal Aid.
The program aims to help 7,000 Iowans by the end of the year, Miller said. The hotline's name has changed to "Iowa Mortgage Help Hotline," but the toll-free number -- 1-877-622-4866 -- will remain the same.
Bret Mills, executive director of Iowa Finance Authority, said the state is working on a public awareness campaign to encourage people to seek help.
"Some of the reasons people don't call is because they are despairing. They don't understand the process, they don't understand the options. They're afraid, they're sometimes embarrassed," he said. "As the clock ticks the options start to run out, so we encourage them to pick up the phone and call."
Richard Booth of Stout, which is near Waterloo, spoke at the event about his family's struggle to keep up with housing payments and other bills. Last April he got guidance at a credit counseling center in Waterloo, but Booth said he wishes he'd sought help sooner.
"I didn't go in there earlier (because) I had too much pride," he said. "Now things are going good."
On the Net:
Iowa Mortgage Help: http://www.iowamortgagehelp.com
Iowa Finance Authority: http://www.ifahome.com/
AP-CS-02-28-08 1346EST
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John wrote on Feb 28, 2008 3:23 PM: