Alan Wigton, REALTOR®
Licensed in State of Ohio
16 S Main St
Mansfield, OH
44902
Ph 419 526-6524
FAX 419 522-6019
SquareLog
1221 D. Trimble Road, P O BOX 3509 Mansfield Ohio. 44907
TF: 888-884-1333 Ph: 419-774-1488
Fx: 419-774-1493
©2007 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity . Each Office Is Independently Owned And Operated.
Foreclosure Prevention Assistance
If you're facing a situation that may result in foreclosure, the sooner you seek help, the better. I'll keep this page updated with links to government and non profit assistance programs, advice, and information as I find it.
Housing Policy Council Hotline 888-995-HOPE ( www.995hope.org )
HUD information pamphlet "How to Avoid Foreclosure"
National Association of REALTORS Subprime Lending Page
NAR Brochure "How to Avoid Foreclosure and Keep Your Home"
More information from NAR about predatory lending, subprime mortgages and more
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Notes from HUD sponsored Foreclosure Summit held June 26 in Cleveland:
Ohio leads the nation in percent of mortgages in foreclosure. Federal, state, county and city governments are scrambling to find ways to mitigate this disaster. Cuyahoga and Franklin Counties have been hard hit with predatory lending aimed at minorities and the elderly and the worst is yet to come.
The crisis is the result of "Unbridled Capitalism". The finger is pointing at unprincipled mortgage brokers, but it doesn't stop there.
Statewide statistics suggest that 90% of problem loans are refinancings, typically occuring within two or three years of buying the home. One of the biggest problems looming on the horizon will take place later this year between September and November when a large number of ARMs will recalculate to higher rates.
Other observations:
Even though the problem has been with us here in Richland County for several years, local programs are lacking. In our subdued housing market, Richland County foreclosures have been more equally scattered around the county, and seem to be hitting the younger homebuyers. I haven't noticed a concentration in minority neighborhoods. Option ARMs seem to be the most disastrous type of loan. These grew in popularity in the hot housing markets the last few years. I'm not sure how prevalent they are in the market here. I'm guessing that our slower market resulted in fewer of these.
James Madison said that the "Constitution was created for a moral people". Otherwise it won't work.