Durham Leaders Help Distressed Homeowners Stop Foreclosure

3 July 2008

Author: admin Posted under Stop foreclosure

In almost all states, it is the same story. The crisis in the mortgage industry has resulted to an increasing number of properties entering some stage of foreclosure. The state of North Carolina actually posted a 14 percent increase in foreclosure rate compared to last year, with currently one filing for every 1,086 homes.

In Durham, local residents thought that they were finally living the American dream after buying their very first homes during the last home buying boom. But it seems that these dreams are slowly becoming nightmares for most of them. In a span of ten years, the number of foreclosed properties in Durham has soared by over 300 percent.

With many distressed homeowners finding themselves with mortgage payments they could no longer afford to pay, local leaders have decided to step in and provide help. Together with another local group, Neighborhood Pride Alliance, these troubled homeowners are now receiving counseling so that they could determine the options available to them to stop foreclosure.

The successful counseling has prompted the local governments to establish a foreclosure prevention campaign that will start on July 19. The campaign aims to provide more counseling by volunteers and it will even involve some of the local lenders, who will discuss the foreclosure process and options such as loan modification and refinancing. Many homeowners benefit from such counseling programs since most of them do not understand what is happening.

Because of this initiative, many Durham residents are becoming confident that they will be able to work out their mortgage problems and avoid foreclosure. Before, most of those who lost their homes to foreclosure were too embarrassed to seek help and decided to stay silent. But with the community understanding and supporting them, these troubled homeowners are now facing their mortgage problems head on.