The US experienced the Great Recession with national unemployment rates soaring to 10% in October 2009 (U.S. Bureau of Labor Statistics, n.d.a.) During this time, some households and communities experienced significant housing instability. While foreclosure rates have declined somewhat during recent years, the issue is not over and many households are still facing foreclosure. This webinar will describe the options to keep, sell or let foreclosure happen. National mortgage pre-foreclosure regulations and the timeline from the Consumer Financial Protection Bureau (CFPB) will be explained. Updates will be addressed about federal prevention assistance programs including Making Homes Affordable (MHA) and Hardest Hit Funds (HHF). Additional topics include the impact of foreclosure has on credit reports, where to find foreclosure data, the counselor’s role, and special protections for active military service members.
Brenda Long is a Senior Extension Educator with Michigan State University Extension and has been based in Ionia County since 2002. Her programming has been focused on health, financial capacity, and homeownership education. Long has been instrumental in developing and/or training for county, regional, and statewide programs. She currently supervises three staff. She has also been the Principal Investigator for several federal grants. During the Great Recession in 2009, Brenda identified the emerging economic issue of local families facing foreclosure. She started a housing education and counseling program which has assisted over 600 local households, and about three-quarters of those who completed counseling have successfully been able to keep their homes.
Dr. Erica Tobe is an Extension Specialist and fixed-term Assistant Professor for Michigan State University. Her primary programming responsibilities include research and curriculum development support for the Greening Michigan Institute and the Financial and Home Ownership Education team. Current research and curriculum development interests focus on family financial health and wellbeing across the lifespan, including research focused on family finance and housing/foreclosure prevention programming. Prior to this position, Tobe served as an Educator and Program Leader for financial education with Michigan State University Extension for 12 years. She is the past national youth financial education liaison to the credit union movement on behalf of USDA Cooperative Extension. She is a current member of the Association for Financial Counseling and Planning Educators (AFCPE). In addition, she is an active member of the eXtension Community of Practice for Financial Security for All. Dr. Tobe’s current teaching responsibilities within the Department of Human Development and Family Studies at Michigan State University include HDFS 238 – Personal Finance. She has been involved in teaching this course since the Fall of 2011.
Teagen Lefere is a Program Instructor for the Financial & Homeownership group with Michigan State University Extension – Clare County. Specializing in foreclosure prevention assistance and homeownership education.
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This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2019-48770-30366.