Foreclosure: Communities Pitching In With Buckets To Douse Foreclosure Flames

The residents of Detroit are determined to contain the damages being inflicted on the neighbourhood by foreclosure flames. The good work done during the last 20 years or so must not be allowed to come to naught.

Laura Trudea the programme director of Kresge Foundation of Troy is determined that foreclosures will not be allowed to undo all the good work. The board of directors of Kresge Foundation sanctioned grants during the middle of December amounting to $750,000 focusing on those Detroit neighbourhoods were Local Initiatives Support Corporation are active. A grant of $500,000 to Southwest Solutions will comprise of the front line of the attack and allow occupants of houses to continue to reside as owners. The second line of approach will consist of counseling and allowing borrowers to modify their loans. LISC will be provided with another grant of $250,000 that will enable many to buy foreclosed houses from the banks, repair and occupy them.

Anther group – The Skillman Foundation is also in the fray trying to organize help. Skillman has marked out six areas where work will be done for the next 10 years. These places have registered high foreclosure listings. Many are about to slip into it, remarked Carol Goss who is the president and CEO of the foundation. $100 million has been invested and if foreclosures are not brought under control then everything will go up in foreclosure flames. Tony Allen the vice president of Skillman Foundations regretted that things have come to such a pass because the people under the hammer are reluctant to talk about it to those who want to stem the tide. The mortgage companies scare them off fearing that their weakness will prompt the lenders to further speed up the foreclosure process. Skillman foundation is also seeking grants to promote foreclosure prevention counseling in the six pockets they have marked out for their work. Skillman is also seeking the help of representatives from Community Development Corporation to link the house owners to the resources that will help to check foreclosures. In the forthcoming month the board will consider granting $500,000 for funding the projects. The greatest challenge before them is the managing of vacant properties. Houses left abandoned are attracting criminal activities that are in turn vitiating the entire neighbourhood.

The uniqueness of these organizations is that they known the community and the community knows them.

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