Are You Facing Foreclosure – Maybe This Could Help

April 29th, 2008

National Fair Housing Month is being marked by organizations in Jackson. If you are facing foreclosure maybe this could help. According to some the month is taking on a new meaning due to the rise in the number of foreclosures. Mississippi has obtained the 8th rank in the country in the start of foreclosures, according to a recent report from the Mississippi Economic Policy Centre. The highest rate of borrowers who were late on their mortgage payments were also from the country.

One of the borrowers Glenda Dampeer said that her dreams came true when she bought her first home in 2006 on Waverly Drive in Jackson. Dampeer was surprised because she had got the house so easily without having to face any problems and when she saw the house she loved it. Unfortunately as fate would have it on one hand Dampeer’s income decreased and on the other her mortgage increased. Around the month of January Dampeer learned that she was in danger of losing her home to foreclosure. Dampeer took matters into her own hands to take care of the house before they’d be living outside. She took help from the Neighbourhood Assistance of America, NACA. It tried to get her rate reduced to something she could afford. Dampeer was extremely happy with the results.Dampeer was not in danger anymore. But not everyone was as lucky as her. There were millions of Americans who were unlucky.

The executive vice president of the National Community Reinvestment Coalition is David Berenbaun. According to economists 20,000 foreclosures are being filed in per week across the U.S. 1.3 million actions have been taken already. This fact was stated by Berenbaun. He also said that, “this is unprecedented since the great depression.”

The crisis was discussed by experts at a conference held in Jackson on Thursday. According to some people have the opportunity of learning from Dampeer’s situation.

Berenbaun stated, “Seek help, speak with a no-for-profit.” According to him there are many alternatives to foreclosure. He said that people can take the help of organizations to make sure that their rights are not violated. Berenbaun said that many loans were available for consumers and they were not problematic and the servicer had the responsibility to change those terms.

Berenbaun has given advice to those buying a house or a repo home for the first time to seek counseling because unfortunately the truth is that the foreclosure crisis will get worse before it gets better.