Surviving the Crisis: Home foreclosures

While the number of people filing for home foreclosures in the U.S. is on the rise, the number of people who are actually losing their homes is going down, partially because people are seeking out help early on.

Manuel Suarez bought his Yonkers house in 2005 for $455,000 and says everything was going well until the credit crunch of 2008. That's when Suarez's job as a banquet waiter at a high-end Manhattan hotel dried up.

With a son in college and virtually no income, Suarez was forced to dip into his savings and rely on credit cards to make ends meet. When making his monthly mortgage payments became too difficult, Suarez approached Veronica Raphael, of the not-for-profit Westchester Residential Opportunities (WRO).

To avoid a foreclosure, WRO helped Suarez get a trial modification to his mortgage, where his payments are cut in half temporarily.

Raphael says the banks want to help homeowners, but they're backed up and people such as Suarez often fall through the cracks.

Visit the Your Money: Surviving the Crisis Facebook page, where you can submit your questions and concerns directly to News 12, by clicking here.

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