Fighting Foreclosure: Leaders pool together to form a united front
Source: C & G Newspapers
Published: March 21, 2007
By: Heidi Roman
Leaders from local communities, financial, mortgage and human service institutions are joining together in a forum to discuss strategies to deal with the rising number of foreclosures in Macomb County. A Forum on Foreclosure will be held March 29 at Macomb Community College center campus.
The number of home foreclosures in Macomb County has nearly tripled since 2005, according to county officials, which is why many different organizations have put out the call for action.
"We all know there's a problem," said I.J. Campbell, administrator of community development with the city of Roseville, one of the communities participating. "We would like, out of this conference, to become a group of people working to solve the problem, to put things in place, so homeowners will have a place to go."
This particular forum is not intended for homeowners going through foreclosure, but rather the professionals who deal with homeowners. Mortgage and financial institutions, elected officials, school districts and even ministers are invited to attend.
"We really want to work with these folks because they're all doing wonderful work, but we need an opportunity to pool our resources together on where we are and how we can improve," said Patricia Ellis, a spokesperson for the United Way, one of the forum's sponsors. "I don't doubt that out of this work there will be other opportunities coming."
The point is to offer strategies for both prevention and intervention to homeowners by enhancing education and financial literacy opportunities. Anne Lilla, the housing coordinator for Michigan State University Extension who is one of the speakers slated for the event, said that while layoffs and economic troubles are causing much of the problem, better education about home buying could help.
"Many of the cases (of foreclosure) are because people have gotten bad loans, and as a community, we need to do some things differently so that those loans aren't possible, and also educate people so they don't get these bad loans," Lilla said. She points to adjustable rate mortgages as a prime example.
"(Lenders) put people in an adjustable rate mortgage, and it's fine for a year," she said. "But then, when the rate goes up, there's absolutely no way for them to pay it." She said better education on both sides could prevent homeowners from getting into a loan they can't afford and running the risk of foreclosure.
The forum also hopes to develop a unified approach to the problem of foreclosure, address the causes and give residents a place to go when they need help. Ultimately, those involved hope to help others become financially stable, so there isn't a need for future forums like this.
The forum will be from 8 a.m. to 10 a.m. at Macomb Community College's University Center, located at 44575 Garfield Road in Clinton Township. To reserve a spot, call (586) 463-3720 or e-mailforum@uwsem.org.
For those homeowners who are already facing foreclosure or housing troubles, Michigan State University Extension also offers evening classes to discuss the do's and don'ts of foreclosure. The next class will be held March 27 at the VerKuilen Building in Clinton Township, located at 21885 Dunham Road, from 6:30 p.m. to 9 p.m. Later classes will be held in Roseville and Shelby Township. Call MSU Extension at (586) 469-6430 for more information.
Those interested in learning more about foreclosure or financial literacy in general can also call United Way's hotline at (800) 552-1183, 24 hours a day.
You can reach Heidi Roman at hroman@candgnews.com
Copyright, 2007, Mount Clemens-Clinton-Harrison Journal (MI), All Rights Reserved.
Published: March 21, 2007
By: Heidi Roman
Leaders from local communities, financial, mortgage and human service institutions are joining together in a forum to discuss strategies to deal with the rising number of foreclosures in Macomb County. A Forum on Foreclosure will be held March 29 at Macomb Community College center campus.
The number of home foreclosures in Macomb County has nearly tripled since 2005, according to county officials, which is why many different organizations have put out the call for action.
"We all know there's a problem," said I.J. Campbell, administrator of community development with the city of Roseville, one of the communities participating. "We would like, out of this conference, to become a group of people working to solve the problem, to put things in place, so homeowners will have a place to go."
This particular forum is not intended for homeowners going through foreclosure, but rather the professionals who deal with homeowners. Mortgage and financial institutions, elected officials, school districts and even ministers are invited to attend.
"We really want to work with these folks because they're all doing wonderful work, but we need an opportunity to pool our resources together on where we are and how we can improve," said Patricia Ellis, a spokesperson for the United Way, one of the forum's sponsors. "I don't doubt that out of this work there will be other opportunities coming."
The point is to offer strategies for both prevention and intervention to homeowners by enhancing education and financial literacy opportunities. Anne Lilla, the housing coordinator for Michigan State University Extension who is one of the speakers slated for the event, said that while layoffs and economic troubles are causing much of the problem, better education about home buying could help.
"Many of the cases (of foreclosure) are because people have gotten bad loans, and as a community, we need to do some things differently so that those loans aren't possible, and also educate people so they don't get these bad loans," Lilla said. She points to adjustable rate mortgages as a prime example.
"(Lenders) put people in an adjustable rate mortgage, and it's fine for a year," she said. "But then, when the rate goes up, there's absolutely no way for them to pay it." She said better education on both sides could prevent homeowners from getting into a loan they can't afford and running the risk of foreclosure.
The forum also hopes to develop a unified approach to the problem of foreclosure, address the causes and give residents a place to go when they need help. Ultimately, those involved hope to help others become financially stable, so there isn't a need for future forums like this.
The forum will be from 8 a.m. to 10 a.m. at Macomb Community College's University Center, located at 44575 Garfield Road in Clinton Township. To reserve a spot, call (586) 463-3720 or e-mailforum@uwsem.org.
For those homeowners who are already facing foreclosure or housing troubles, Michigan State University Extension also offers evening classes to discuss the do's and don'ts of foreclosure. The next class will be held March 27 at the VerKuilen Building in Clinton Township, located at 21885 Dunham Road, from 6:30 p.m. to 9 p.m. Later classes will be held in Roseville and Shelby Township. Call MSU Extension at (586) 469-6430 for more information.
Those interested in learning more about foreclosure or financial literacy in general can also call United Way's hotline at (800) 552-1183, 24 hours a day.
You can reach Heidi Roman at hroman@candgnews.com
Copyright, 2007, Mount Clemens-Clinton-Harrison Journal (MI), All Rights Reserved.
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