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Get HELP, before you lose your home!

By
Mortgage and Lending with NONE

I usually try not to add fuel to the pessimistic fire that has engulfed the housing market over the last year and a half, but some stories need to be told.  According to a February 13 article in the Detroit News, by Louis Aguilar, Wayne County posted the highest rate of home foreclosures among major metro areas in the nation during the month of January.  The foreclosure rate was so high in fact, that it was 7 times more than the national average.  Oakland and Macomb Counties have been hit pretty badly as well, and when you combine the foreclosure rates of Michigan's three major metropolitan areas, it is enough to push Michigan to 2nd Place among foreclosure rates for all 50 States.  This apparently represents an increase of 147% over last years numbers, and the stagnant Michigan economy isn't helping matters either as every day we hear more and more discouraging news from the dying heart of Michigan's economy...the Big 3.

The Banking and Insurance Industries are scrambling to cover their um...losses and every day we are hearing new policies regarding Michigan loans...Some investors have decided to pull out of the Michigan market all together, and I've even been told informally and off the record of course by some local account executives that their companies are looking for anyway they can to deny loans with Detroit zip codes.

As Banks are deciding how they are going to deal with this problem, consumers are just trying to figure out a way to pay their mortgage payments.  To help combat rising foreclosure rates across the country and to help keep people from losing their homes, the non-profit group ACORN, is introducing a new program called Home Equity Loss Prevention, or HELP.  The ACORN website explains that "if you fall behind on your mortgage, a housing counselor may be able to intervene on your behalf with your lender in order to come to a resolution that will ultimately bring your loan current."  Last year they helped 4,800 families across the country save their homes.  Click here to view a list of lenders that participate in the program, or to get more information about ACORN Housing's HELP Program.

 

Comments(6)

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Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

Joshua,

This is excellent advice, it seems like every person I talk to facing foreclosure waits until their options have dwindled to slim and none to seek help.

Maybe as this message is repeated again and again it will start to sink in. 

Mar 21, 2007 04:09 AM
Lola Audu
Lola Audu~Audu Real Estate~Grand Rapids, MI Real Estate - Grand Rapids, MI
Audu Real Estate~Grand Rapids, MI ~Welcome Home!
Thanks for the information in this post.  I've bookmarked it & found it to be very helpful & useful.
Mar 23, 2007 02:03 PM
Gary Smith
Agent Marketing Today - Commerce Township, MI

Josh,

Very informative

Mar 24, 2007 02:56 PM
Ed Vogt
Midwest Properties of Michigan - Grandville, MI
Grandville, MI Midwest Properties
Great info on the ACORN group.  Your side of the state sounds as bad as ours.
Apr 01, 2007 02:35 AM
Carrie Perez
Elk Rapids, MI
MBA

Great post! I am up in the Traverse City area and I have heard of more people moving up here to "start over". We have seen more requests for rent-to-own and lease with option to buy. It is interesting. We are all wondering what these people will be doing for work, as the local economy is on the small side...maybe some new businesses starting up? That could be a good thing.

I am a new Realtor with Exit Realty and started in August of 2006. I decided to specialize in helping those with foreclosure issues-even if I don't get a sale or listing. The goal is to help and I think that the info you provided will be helpful!

Apr 02, 2007 08:32 AM
Kirk Westervelt
Van West Realty - Greenville, SC Realtor -Short Sale Expert! - Greenville, SC
Kirk Westervelt, Broker In Charge, Van West Realty - CDPE - Short Sale Agent - Home for Sale - Greenville, Simpsonvil...

Joshua,

Great advice! Too many people feel embarrassed to speak up and seek help before it's too late!

People need to realize that they're not alone in this mess! They're simply one of many with the same struggles!

Jun 14, 2008 05:29 PM