RISMEDIA, Oct. 3, 2008-The National Association of Hispanic Real Estate Professionals (NAHREP) and Freddie Mac are co-sponsoring a new housing-crisis survival guide, called, “The American Nightmare: Strategies For Preventing, Surviving and Overcoming Foreclosure.” Written by veteran housing counselors Sylvia Alvarez and Walter Walker Jr., The American Nightmare offers consumers a step-by-step analysis about the obstacles people must overcome in foreclosure and the practical solutions available to them. The book, which is available in English and Spanish, debuted last month at NAHREP¹s 2008 Hispanic Marketing Convention in Phoenix and goes on sale for $14.95 at www.nahrep.org.
“American Nightmare is a practical handbook on what to do if you are behind on your mortgage. Too many times, people are doing nothing to save their homes simply because they don¹t know their options. Becoming informed about foreclosure prevention and survival tools is the first critical step to keeping your home and saving your credit,” said Rebecca Gallardo-Serrano, Chairman of NAHREP.
Latinos have been disproportionately impacted in the foreclosure crisis and stand to lose about $94 billion in personal wealth. Minorities, as a whole, are estimated to lose as much as $213 billion according to a report by United for a Fair Economy. Among the groups of beleaguered homeowners, Latinos and African Americans have proven to be the most reluctant to contact their lenders and attempt to stop the foreclosure process. Many have also become the target of foreclosure scams.
Alvarez and Walker became motivated to write the book after being overwhelmed by the volume of distressed homeowners coming to the Tampa-based HUD-certified housing agency where they work as counselors. To reach more people seeking help from the prospects of foreclosure, they have compiled a step-by-step review of the guidance they deliver in one-on-one counseling sessions.
Among the topics covered:
* The most common reasons why people end up in foreclosure
* Steps families can take to protect their home and avoid foreclosure
* The lender¹s perspective in the foreclosure equation, what they need and what homeowners can do to gain a favorable outcome
* Options for homeowners that are already in default
* The steps people can take to rebuild their credit so they can buy a home again in the future
* Consumer beware tips about the unscrupulous tactics of predators, how they take advantage of homeowners in peril and what people should do to protect themselves
A FREE downloadable excerpt of the book is available at http://www.nahrep.org/american_nightmare/foreclosure-options.html. NAHREP also plans to make the book available at counseling events hosted by community nonprofits across the country.