Meetings Address Growing Number Of Foreclosed Home Auctions
Monday
Feb 8, 2010
The Speaker's Taskforce on Preventing Home Foreclosures organized several public meetings to discuss the growing number of properties on foreclosed home auctions. The information gathered at the public meetings will be used to prepare a legislative report to be submitted to state Assembly Speaker Mike Sheridan.
The public meeting at Eau-Claire, moderated by Representative Kristen Dexter, was anchored by Representatives Leon Young and Jeff Smith. some distressed homeowners in Eau Claire testified about why their properties were listed on foreclosed home auctions. Most of them complained about the difficulty of contacting their lenders to ask for an adjustment of their mortgage.
Western Dairyland foreclosure intervention coordinator Sherry Stabenow said that she is working with a growing list of distressed homeowners in the area. She said that in her experience working and helping homeowners avoid foreclosed home auctions, she did not have any difficulty contacting local lenders.
Her criticism was focused on larger banks, describing them as uneducated and incompetent. She said that there was an instance that a bank representative told her to advise a client to miss more mortgage payments in order to get quick response from the system.
Meanwhile, Dexter said that the rate of foreclosures in Eau Claire has jumped by 25 percent compared to figures the previous year. She said that state and local officials are committed in finding effective ways to help homeowners remain in their properties and protect their home equity.
Furthermore, she said that foreclosure is not good for lenders or homeowners, adding that there is an imperative need for communication.
Meanwhile, some real estate experts who testified at the Eau Claire meetings said that homeowners who are creditworthy are experiencing difficulty getting a refinancing because of the drastic drop in property values. He added that 70 percent of homeowners do not approach housing experts before surrendering to foreclosures.
On the other hand, Stabenow claimed that large lenders are taking advantage of the desperation of homeowners by not doing anything.
Those who testified at the Eau Claire meeting about the problem of the growing number of properties on foreclosed home auctions included real estate agents, homeowners, nonprofit organizations, bank representatives and Representative John Murtha. Large lenders were invited but no one participated in the meeting.
Meetings Address Growing Number of Foreclosed Home Auctions
The Speaker's Taskforce on Preventing Home Foreclosures organized several public meetings to discuss the growing number of properties on foreclosed home auctions. The information gathered at the public meetings will be used to prepare a legislative report to be submitted to state Assembly Speaker Mike Sheridan.
The public meeting at Eau-Claire, moderated by Representative Kristen Dexter, was anchored by Representatives Leon Young and Jeff Smith. some distressed homeowners in Eau Claire testified about why their properties were listed on foreclosed home auctions. Most of them complained about the difficulty of contacting their lenders to ask for an adjustment of their mortgage.
Western Dairyland foreclosure intervention coordinator Sherry Stabenow said that she is working with a growing list of distressed homeowners in the area. She said that in her experience working and helping homeowners avoid foreclosed home auctions, she did not have any difficulty contacting local lenders.
Her criticism was focused on larger banks, describing them as uneducated and incompetent. She said that there was an instance that a bank representative told her to advise a client to miss more mortgage payments in order to get quick response from the system.
Meanwhile, Dexter said that the rate of foreclosures in Eau Claire has jumped by 25 percent compared to figures the previous year. She said that state and local officials are committed in finding effective ways to help homeowners remain in their properties and protect their home equity.
Furthermore, she said that foreclosure is not good for lenders or homeowners, adding that there is an imperative need for communication.
Meanwhile, some real estate experts who testified at the Eau Claire meetings said that homeowners who are creditworthy are experiencing difficulty getting a refinancing because of the drastic drop in property values. He added that 70 percent of homeowners do not approach housing experts before surrendering to foreclosures.
On the other hand, Stabenow claimed that large lenders are taking advantage of the desperation of homeowners by not doing anything.
Those who testified at the Eau Claire meeting about the problem of the growing number of properties on foreclosed home auctions included real estate agents, homeowners, nonprofit organizations, bank representatives and Representative John Murtha. Large lenders were invited but no one participated in the meeting.
Meetings Address Growing Number of Foreclosed Home Auctions
No related posts.
Related posts brought to you by Yet Another Related Posts Plugin.
Comment Form