April 19, 2006
Foreclosure-prevention forums on the prowl
As interest rates rise and people find it difficult to repay their loans, foreclosures are becoming more common. This is happening more in the case of people who are already living on the edge and have probably bought their homes using the much-reviled sub-prime mortgage loans. So, they find it doubly difficult to repay their loans and are forced into foreclosure. My original assumption was that there probably was no easy solution to this problem. Of course, the solution is not easy but the fact that there is a way to solve this crisis is welcome enough. As these foreclosures become more of a norm than an aberration, many of the people involved in the business are beginning to feel the pinch.
Now a group of 70 businesses in Columbus, Ohio, have set up a task force to try to reduce the number of foreclosures in the city. The group plans to host neighborhood forums that will provide information on foreclosure issues. The task force has been planning the forums since December. The group is led by Franklin County Treasurer Richard Cordray and includes realty agents, builders and housing agency representatives.
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