Foreclosures Totally Fail To Impact Homenet Programme

June 29th, 2008 | Tags: Foreclosures

Despite the rage and fury, foreclosures have totally failed to impact HomeNet programme. It has reported zero foreclosures among its low to moderate house buyers. In seven years HomeNet has dealt with more than 300 clients.

June has the distinction of being the National Homeownership Month. Programmes are undertaken to highlight the advantages of owning houses and citizens are encouraged to become responsible owners of houses. HomeNet programme works in partnership with NRHA, some local lending bodies, property developers, real estate companies and financial advisers. It has the cooperation of local, state and federal housing agencies. It is a centre for housing resources and connects persons with houses of their choice and affordability in Norfolk. In other words they have been active in making housing dreams become realities.

The Mortgage Bankers Association released reports of foreclosure figures. The statistics was alarming. Foreclosures were cutting across all socio-economic divide lines. Against this background of spiking foreclosures, those buyers who had availed of the services of HomeNet programme, are continuing to light their hearth fires in houses that are their own homes, according to LaShawn Fortes the manager of HomeNet. The buyers qualify for financial help in the form of low market mortgages if they complete successfully training programmes run by HomeNet.

HomeNet aims to demystify the house purchasing process by empowering participants to make decisions after knowing about all the pros and cons. House buying is a complex procedure. The programme involves counseling as regards credit and purchase. Educating classes are held for first time buyers. Loans are taken only from qualified lenders. The realtors and attorneys involved are all connected with this organization so that the buyer comes under the shade of a protective umbrella. This leads to a discount in overall interest rate.

The NRHA was founded in 1940. It is a flag bearer in matters involving community revitalization and sustaining mixed income communities in a bond of togetherness. In Virginia it is the largest redevelopment and housing body. NRHA has a prominent role in making the city of Norfolk an ideal place in which to build a house, work, play and live out quality life.

Against the background of surging foreclosures, Norfolk stands out as an island thanks to the activities of NRHA. The protection it gave to the locals prevented the entry of predatory lenders and grabbers who have brought harm to the rest of the country.