105,464 New Listings - Last update: December, 07 2009 - 08:12 AM EST
The country is reeling under the foreclosure tidal waves. The cities of Lansing and Ingham as well as the Counties of Eaton and Clinton are no exceptions. Foreclosures are not confined to borrowers and lenders. Its effects are spilling over to the entire economy and negatively affecting the real estate market. Taxes are also falling.
Lansing and Ingham County have teamed together with Eaton and Clinton Counties to chalk out an operation to prevent foreclosures. Instead of accepting the negative effects they are determined to wage an all out war against the foreclosure epidemic.
The first step has been the installation of a web site offering free counseling and guidance in finance and mortgage matters. It will put a check to scammers preying on the foreclosure victims. The counselors are certified and will help the victim to continue to light home fires in their own houses. These counselors will not ask for a fee, seek registration and last but not least push through a request for handing over the title deed.
By working in tandem with other existing non-profit agencies the city and the counties are hopeful of eliminating costs of maintaining overlapping services. This operation is one of its kind in the country involving a tie up with the city and counties. The plan is to stave off foreclosures from Lansing and Tri-county zone. Lansing’s mayor and County Treasurer of Ingham County have worked hand in hand since the end of 2006 to increase the financial resources so as to ward off foreclosures. The additional support from Eaton and Clinton Counties has been most welcome. This joint effort yielded more then $200,000 in two years. The situation is tough and therefore needs tough measures – cannot wait for a tomorrow. Funds are also being raised from financial bodies in the community. Joint letters are being dispatched to pressurize funding requests.
The foreclosure crisis cannot be wished away but it can be checked and fought back. The city-county partnership will make it possible for the victims to contact counselors in time and put a brake to the process. The counselors are trained by MSHDA and HUD. Cases are handled individually. It is hoped that the bad effects will somewhat be reduced by these endeavours. The people are being encouraged to take the initiative and spread the message of hope and firm stand amongst themselves.
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2 Responses
I find it a mixed blessing that local governments are finally stepping in to help homeowners find out just how mortgages work. When property values (and taxes) were increasing due to bad lending policies, the bureaucrats were only too happy to let it go. Now that people are abandoning homes and taxes may fall, the governments are interested in “educating” homeowners on how they can keep their homes. This really should have been provided by public or private sources long before the current crisis, but better late than never.
Great to see the counties involved, joint efforts with the Realtors, city planners and financial groups will help us all find solutions. None of us are as smart as all of us.
“Expect the Best” Mike