Tuesday, April 24, 2007

Foreclosures: More Info on Possible Targets by Predatory Lending

The month of February had some poignant moments for me as a Realtor®. Early that month I was called by an out of town lender who had a website; he was trying to get a local contact to help a Cleveland resident save their home with a short sale (sell a home in order to avoid foreclosure, but at less than market value).

Unfortunately, the market value of this person's home was much less than they paid for it. You guessed it: predatory lending. And some complicit appraiser who helped the predatory lender sign off on the mortgage process. Before I found out I could not help this person, he had a friend call me. Then another person called. Before I knew it, over eleven people had sought me out to help them. One or two may have been able to just make enough money through a sale so that they could avoid foreclosure. But most of the homes were way over market value and there was no way to sell it and recoup....even if they sold the home themselves. It was the saddest month I have had in my professional career so far.

Today, on the News Net Five website, there was a recap of a law school Fair Housing seminar held at CSU. They heard from Housing Advocates and government leaders. Their conclusion is that three mortgage companies targeted minorities and that these lenders may have contributed to as much as 35 percent of the 15,000 foreclosures in our area last year. It makes me angry. This is a link to local Fair Housing groups. If you think you need them, please call them.

Also, don't forget, no matter where you live in NE Ohio, if you think you are in danger of losing your house if you don't take action...take action! Bellaire Puritas Development Corporation has their staff and people from organizations who can help direct you, hopefully help you find the light at the end of the tunnel. Their Foreclosure Workshop is Thursday.

on Thursday, April 26th
From 5:30pm to 7:30pm
at 14703 Puritas Avenue(use side entrance behind US Bank)

Peace Out - 3C