Program may battle foreclosure

(Deseret News) Recognizing a "code red" situation in a state experiencing some of the highest foreclosures rates and mortgage delinquencies in the country, Salt Lake County Mayor Peter Corroon is getting behind a new program offering no-cost financial services to families coping with or trying to avoid crisis.

Corroon said a volatile economic climate has laid the perfect groundwork for financial predators seeking to take advantage of those in financial peril.

"A family's home is one of the most important investments they can make," Corroon said at a Thursday news conference about a new awareness campaign for the program. "Today, more than ever, homeowners face complex choices, and it's becoming more and more difficult to know who to trust … when they're financing a home or trying to figure out ways to get out of trouble."

"Don't Borrow Trouble" is a local partnership designed to help consumers make smart borrowing decisions, avoid foreclosure proceedings and steer clear of predatory lenders.

Preston Cochrane, president of AAA Fair Credit Foundation, a nonprofit financial consulting firm, said a necessary first hurdle to clear for borrowers who find themselves in financial distress is dealing with the trepidation.

"Many homeowners fear taking the first steps and taking action," he said. "Overcoming these fears can mean the difference in someone staying in their home or losing their home."

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