Strategies for Preventing,
Surviving & Overcoming
By Sylvia Alvarez and Walter Walker Jr.
The American Nightmare | Strategies for Preventing, Surviving and Overcoming Foreclosure Sylvia Alvarez and Walter Walker Jr.
YOU ARE NOT ALONE.
If you are reading this book you may be one of millions of homeowners today who find themselves in great
financial distress over one of the most prized and sought after possessions most of us will ever own: our homes.
This book was written to address and dispel the many myths about the foreclosure process, offer insights to the
procedures used by lenders and share information about ways you may avoid foreclosure if you take action
quickly. It is our hope that you will get some peace of mind and gain a clearer vision so that you can approach
this situation armed with the knowledge you need to determine the best options for you and your family.
As housing counselors for the Housing & Education Alliance (HEA), we saw a trend unfold in 2007, as the num-
ber of clients needing foreclosure prevention counseling skyrocketed. After Columbus Day 2007, we returned
to our offices to find over 100 voice mails from people in financial distress, seeking help and relief from the
prospect of foreclosure. At the time, we had been involved in assisting primarily first-time homebuyers with
purchases, however, we also often helped clients who had purchased a home and subsequently ran into
difficulty. Many of the people that contacted our office were referred to us by HUD, the local government or
someone who knew of our willingness and capability to help those in need of housing counseling on other
As a HUD certified housing counseling agency with limited staff resources, we quickly realized we would not be
able handle this level of intervention and counseling. We began to assess the local and national housing
environment, and knew that not only did we need to address the crisis on a local level, but we also needed to
share our e