Blackshear Alert Saves Foreclosure House owners And Wins State Praises

July 30th, 2007 | Tags: Foreclosure

Responding to the spreading foreclosure virus in Montgomery county a local self-organized group rose to the challenge and received kudos from the treasury office for their commendable work.

Willis Blackshear, Montgomery County Recorder initiated the setting up of Home Saver Program. One of its first move was to send out letters to 800 recipients warning them that mortgage interest rates were about to be dangerously raised to unprecedented levels. Guided by the figures released by University of Dayton on public mortgage filings, Blackshear observed that the loan interest rates of 3,100 houseowners were ready for a leap before the year ended. His reasoning was that out of the 800 if at least 200 responded then there was the minimum possibility of helping out 100. It meant a positive count of 100!

The recipients of the loans were asked to contact the program partner, County Corporation. It is a non-profit group targeting help to financially heckled houseowners by re-routing the mortgage to make survival possible.

Ohio Treasurer Richard Cordray was all praise for Blackshear saying that his making use of facts released by public records to identify the looming and impending danger was indeed unique and unparalleled. The victims did not even know that they were being sucked into the vortex. Cordray added that other states should take this as an example and repeat it.

On Friday there was a gathering in Dayton of public officials and nonprofit personalities together with Cordray and Blackshear to discuss solutions to the imminent foreclosure crisis. The Director of Miami Valley Fair Housing Center, McCarthy opined that although there were many plans afoot more funds were required to implement them. As a result from the beginning of this year his group had stopped taking on fresh cases. Mere talking would not help. At this gathering the Montgomery County Commissioner Dan Foley announced that plans are afoot to hold a meeting in August to launch a scheme named ‘Save Our Homes Campaign’. The idea was to bring all those affected and interested to sit at one table and probe into long and short-term solutions. The date has not been set.

Meanwhile the pot continues to boil. Montgomery County is all set to break last years foreclosure record of 5,076 according to Brush, Director of Montgomery County Clerk Courts. His office is unofficially notifying house owners of the brewing storm.

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