Demand for Help Rises With Increase in Foreclosures
May 6th, 2008
RealtyTrac reports that foreclosures have gone up by 112% since a year. Thus the demand for help is rising with this increase in foreclosures. Richard Fox is raising five children single-handed. His wife is ill. When the tragedy broke life became tough and Fox contracted a house equity loan to pay for medical expenses. But he fell back on his mortgage payments. It is a repeat of what is going all around in Illinois – Fox owes more than what his house is worth. Fox is being helped by housing counselor Jo Albert from DuPage Home Ownership Center. But in his case perhaps refinancing will not be possible since he does not have the requisite source of income. A short sale will be the best for him. This way both the lender and borrower will cut down on their losses. On the one hand foreclosure will be avoided, and on the other the lender will lose less than if he had pushed on with the time and money consuming foreclosure process.
The Attorney General of Illinois has a word of advice for Fox and others like him who is boiling in the same foreclosure cauldron. She is asking them to come forward and contact HUD certified housing counselors. Illinois State is observing ‘Outreach Days’ wherein the foreclosure victims seeking help can find counselors and lenders all under the same umbrella. The office of the governor says that the lenders have promised help up to $300 million to help the borrowers of Illinois refinance their mortgages. A similar scheme making the rounds is HOPE NOW. Hundreds turned up at its Chicago halt. Housing experts repeatedly stress the importance of borrowers contacting the lenders as soon as they falter even once. Time is a very important factor.
The case of Maria Gallegos struggling alone with four children is a typical case of someone who nearly lost out because of not having reacted timely. She came under the wrong impression that since she had lost her job there was nothing she could do to avoid foreclosure. Her bags and baggage are ready for moving out operations, but perhaps now luck will change since she has contacted the office of the attorney general. Gallegos is keeping her fingers crossed but there is a strong possibility that she will unpack and put the children to sleep in the house that has been her home for all these years.
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