Foreclosure happens when least expected, so be prepared always and help stop foreclosure.
Carrie Ronewicz, a 32-year old wife and a mother of five once lived in a home where there are 4 bedrooms, 3 bathrooms, a warm living room and a spacious backyard.
It was perfect until her house went into foreclosure.
Ronewicz was paying $950 monthly for her house and then it went up to $1457 which she cannot afford anymore. It was foreclosed and she and her family were evicted. She is presently occupying a smaller house and at the same time fixing her credit record that turned bad.
City Housing Director Robert Lipscomb said that almost 12,000 homes in Shelby County and Memphis had been filed as foreclosed since last year. The most affected areas are Raleigh, Frayser, Oakhaven, Cordova, Whitehaven and Parkway Village.
Furthermore, he stated that when foreclosure occurred in their state, house values decreased and the number of crimes went up. The good news is a program called “The Memphis Foreclosure Triage Program.” which aims to stop foreclosures.
Lipscomb said that the U.S. Department of Housing and Urban Development will provide $12 million to the state to purchase, rent and rehabilitate foreclosed homes for the neighborhood to be stabilized.
Memphis also has counseling for property owners at risk for foreclosure. The said counseling is free of charge. The city is also negotiating with 15 banks for different options and plans in payments to help stop foreclosures.
According to Ronewicz, these are choices that she should have had last year, but there was none.
Here are some tips to help stop foreclosure:
- Get advice from a house counselor
- Make arrangements with the lender
- Make another budget
- Get a 2nd job for additional source of income
These and some other programs that Memphis has are ways to stop a foreclosure. Hopefully it will be done right away before it gets too late.
[...] The state of Memphis is now taking actions to help stop foreclosures as the situation is already in chaos according to the housing director. More Foreclosure News… [...]