Foreclosures Help Groups Working Overtime

February 8th, 2008 | Tags: Foreclosures

Non-profit organizations trying to help foreclosure victims are trying to help them refinance, reschedule loans or tackle with unavoidable foreclosures. With foreclosures sweeping across the nation the help groups are working round the clock.

ACORN provides free counseling to those in the modest income group trying to help them get back their bearings. Between 2006 and 2007 foreclosures had doubled in this area with 1,211 foreclosure listings. Across the state about 7,000 were infected by foreclosure virus. Apart from ACORN the other helping bodies are Neighborhood Housing Service of South Shore, Brockton Housing Partnership, NID-HCA Phipps and MassHousing.

Springfield topped the list with 493 followed by Brockton with 363. Plymouth, Quincy and Randolph came fourth, fifth and sixth with 88, 77 and 62 foreclosures respectively. Westwood was the first among the least number of foreclosures.

Randolph High School was the venue of a seminar on foreclosure help. About 200 house owners crowded in. The meeting had been organized by Stephen F. Lynch, US Representative from the 9^th Congressional district. Some had come from far flung areas.

The goal of the workshop was to make house owners aware of the importance of seeking help at the early stages before defaulting further. With delay foreclosure becomes inevitable. It was calculated that 40%stumbled in payments because of medical problems. According to Neighborhood Housing Service 5% of those coming for help are able to save their roof by refinancing but the others succumb to foreclosures. Most of the affected turn up too late for help.

Buying houses are encouraged as this keeps down the number of foreclosures. For this too classes are held so that the people learn about the conventional way of managing finances related to budgeting. Those suffering today strayed from the beaten path of cutting the coat according to the cloth.

MassHousing has been offering financial help to help victims refinance mortgages as well as house preservation counseling. For this they have a budget of $250.

The strategy of ACORN is to postpone foreclosure by working out plans involving negotiating for a lower fixed rate with the old dues brought into a new deal. So long as the loan takers are employed and can make a deposit the owners are willing to come forward with the hope of something extra to be gained after four or five months. The hue and cry against lenders are making them more pliable than before.