Working In Neighborhoods Can Help Save Your HomeRestoring Stability Program Helps Homeowners Experiencing Job Loss On September 27, 2010, the State of Ohio implemented the Restoring Stability Program to assist homeowners who have experienced a decreased income. Click here to register for the Restoring Stability Program. If you do not qualify for this program, but you still need help with foreclosure issues, call us at 541-4109.
Working In Neighborhoods Hosts Public Meeting With US Treasury Policy Advisor
Homeowners Recommend Changes to Foreclosure Programs
June 15, 1010
COLLEGE HILL 175 people seeking solutions to the foreclosure crisis packed into St. Clare Catholic Church on June 15 to offer US Treasury and state officials recommendations for improving the Home Affordable Modification Program (HAMP). The HAMP is an Obama administration initiative designed to save homes from foreclosure.
Working In Neighborhoods (WIN) hosted the meeting which was one of 10 hearings nationwide. “We are glad the Treasury came to listen to our stories and to work with us,” said Mary Bridges, chairperson of the WIN Action Organizing Project. “We know it will take a lot of work to save our community, but this is a start. We hope to capture the ear of the Treasury Secretary himself. We know that if government will work with the people, we can defeat this foreclosure situation.”
The meeting featured Sarah Apsel, Policy Advisor for the US Treasury, Ruth Clevenger, Vice President and Community Affairs Office of the Federal Reserve Bank, Susan Choe, Chief of the Ohio Attorney General’s Consumer Protection Section, and several local and state officials.
As a result of the meeting, the US Treasury agreed to:
- Decrease the amount of time for homeowners to receive loan modifications
- Recommend that lenders award principle reductions instead of balloon payments
- Institute an appeals process for borrowers when their loan modifications are denied
One of WIN’s key concerns was not addressed. WIN and the homeowners present recommended that, due to the distressed economy, the Treasury provide help for homeowners who are unemployed. Ms Apsel said that the Treasury was unable to provide any additional help for unemployed people.
Fifteen homeowners testified about the problems they had encountered trying to save their homes. Theresa Davis brought her entire family to demonstrate the impact the HAMP process has had on her. In 2004, Ms Davis borrowed $84,000 to purchase bought her home. After a series of medical problems, she fell behind on her payments. She negotiated a loan modification with her lender that extended the mortgage to 40 years and lowered her monthly payments by $500. However, at the end of the 40 years, Ms Davis will owe a balloon payment of $92,000.
“This is the kind of situation we are hoping the Treasury will address,” said S. Barbara Busch, WIN Executive Director. “Without principle reduction, we are just putting off the inevitable.”
For media coverage of the meeting, follow these links:
WIN’s 2009 Foreclosure Report Released June 14, 2010
“The Failing Economy=The Continuing Crisis Next Door”: A Study of Foreclosures in Hamilton County in 2009
Follow these links to view coverage of the report release:
On June 5, over 75 people attended hosted Celebrate Housing at the Ethel Taylor Academy. WIN is grateful to all of our sponsors and this year’s participants. See you next year!
Thanks for celebrating homeownership month with WIN!
WIN’s 11th Annual Celebrate Housing was a tremendous success. The day was filled with great workshops and presentations on all aspects of renting and homeownership.
But wait! Homeownership month isn’t over yet. Check out WIN’s upcoming events and classes here
Working In Neighborhoods is grateful for the generous support of the City of Cincinnati, The Greater Cincinnati Foundation, Hamilton County, Local Initiatives Support Corporation (LISC), PNC Bank, The U.S. Department of Housing and Urban Development, the United Way of Greater Cincinnati, and individual and corporate donors.