As More Americans Are Touched by Home Foreclosures, Web Sites Provide Free Resources...

As More Americans Are Touched by Home Foreclosures, Web Sites Provide Free
Resources to Help

Survey Finds One in Three Americans Know Someone Who Lost Home to Foreclosure

EAGAN, Minn., May 11 /PRNewswire/ -- As the housing crisis and recession
impact homeowners throughout the U.S., home foreclosures are now touching more
and more Americans as well as their friends and neighbors.

According to a new national survey* by FindLaw.com (http://www.findlaw.com),
the most popular legal information Web site, nearly one in three Americans -
31 percent - say they know someone who has already lost their house to
foreclosure.

In addition, one in four Americans - 27 percent - say they know someone who is
currently going through the foreclosure process.

To help consumers cope with foreclosure and related issues - whether
experiencing it themselves or supporting their friends or family - FindLaw.com
has launched a new Foreclosure and Alternatives section on its site at
http://foreclosure.findlaw.com/. The Foreclosure and Alternatives section
offers free helpful information on a number of topics, including:

-- Foreclosure basics - understanding the process and implications of
foreclosure.
-- Resources for understanding loan modification and other options for
avoiding foreclosure.
-- Understanding your mortgage.
-- State-specific foreclosure assistance and information.
-- Podcasts, videos and other tools for avoiding and surviving
foreclosure.

"Foreclosure is a complex process and can be devastating to affected
homeowners," said Stephanie Rahlfs, an attorney and editor at FindLaw.com. "In
some cases it is unavoidable due to the homeowner's financial situation.
However, many homeowners can avoid foreclosures or at least mitigate some of
its consequences.

A number of different federal and state laws, regulations and procedures come
into play, and can vary significantly from state to state. For example, many
states have statutory redemption laws that allow the homeowner to regain
ownership of the property after foreclosure sale if certain conditions are
met. In addition, many states offer counseling programs to assist homeowners.
It's important that homeowners be aware of and informed about the specific
laws in their state and how they affect the foreclosure process."

FindLaw.com offers the following suggestions for homeowners who are worried
they may be in danger of facing foreclosure:

-- Talk to your lender. If you are receiving letters from your lender
regarding missed mortgage payments, do not ignore the letters. If you
are having problems making your payments, call or write to your
lender's loss mitigation department as soon as possible and explain
your situation. Many lenders have programs in place to help homeowners
through difficult times. Be prepared to provide them with financial
information, such as your monthly income and expenses.
-- Explore alternatives to foreclosure. You may qualify for a number of
alternatives to the foreclosure process, including special
forbearance,
in which your lender may be able to arrange a repayment plan based on
your financial situation, and may even provide for a temporary
reduction
or suspension of your payments.
-- Get professional help. Never sign legal documents without reading and
understanding all the terms and getting professional advice from an
attorney or a trusted real estate professional. Avoid companies that
claim they can stop the foreclosure immediately or negotiate with your
lender in exchange for a hefty upfront fee.

-- Seek housing counseling. The U.S. Department of Housing and Urban
Development (HUD) can direct you to HUD-approved housing counseling
services offered by government agencies, as well as private and
community organizations. These services are usually free of charge. Go
to http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm or call (800)
569-4287.

Find Free Information Online. Free Internet resources, such as the FindLaw
Foreclosure and Alternatives site (http://foreclosure.findlaw.com/), can
provide useful information for homeowners worried about foreclosure.

Note to editors: Full survey results are available upon request.

*The FindLaw survey was conducted using a demographically balanced telephone
survey of 1,000 American adults and has a margin of error of plus-or-minus
three percent.

SOURCE FindLaw.com

Michelle Croteau, +1-651-687-5330, michelle.croteau@thomsonreuters.com, for
FindLaw.com