Staving Off Foreclosure: Taking it to the Streets

As evident in the newspaper headlines – and maybe on your street – foreclosed homes seem to be everywhere these days. Circumstances for these foreclosures vary greatly, but many times it is due to the type of loan. For certain types of loans with adjustable rates, the homebuyer may find that they can not afford the payment when the rate adjusts (to a higher rate). One solution is to sell the home, but with today’s sluggish market the homeowner may not be able to sell their home quickly enough to escape foreclosure. This New York Times article describes one group in Baltimore’s Belair-Edison neighborhood that has taken to the streets, literally, to help prevent foreclosures. This group has been able to help homeowners retain their homes by renegotiating the terms of the mortgage with their lenders.

In Northeast Ohio, Neighborhood Housing Services of Greater Cleveland and many other organizations have set up programs to help those who may be having trouble making their house payments. Please click here to access their web site, and pass this information along to anyone that you know or suspect needs help.