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March 15, 2010

Avoiding Foreclosure


The threat of foreclosure is not just a problem for Frank and Judy Viola - across the country, more than one in every 500 homeowners are facing it. The Obama administration has a new plan which could force banks and mortgage companies into short sales, meaning the home would be sold even if no one (the owners or the banks) gets their money back. Judy and Frank came close to that step. They were struggling to save their home of 22 years after Frank was injured and lost his job. They turned to a non-profit housing adviser to negotiate with their mortgage company. They talk with Dick Gordon how their children and community - and ultimately their lender - helped them avoid foreclosure.

  • Learn more about the foreclosure prevention program the Violas used



Despite efforts to stimulate the economy, unemployment still leaves millions without the means to support their families. And for many families, even having a good job isn't enough to make ends meet. Jill Alvarado is a first-year teacher in Las Vegas. She's fallen in love with her new job, but with her husband out of work, she's struggling to support her family of four on her current salary. Jill and her husband David talk with Dick about the financial and emotional adjustments they've had to make in the face of economic uncertainty.

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