Educating homeowners about their options is critical to keeping families in their homes
Cincinnati, OH (PRWEB) June 18, 2011
Jorge Newbery, director of American Homeowner Preservation, will be presenting a free "Facing Foreclosure?" workshop in the Pleasant Ridge neighborhood of Cincinnati on Thursday, June 23rd, at 6:30 p.m. Homeowners at risk of foreclosure are invited to attend and learn more about the foreclosure process and resources available to avoid foreclosure and stay in their homes.
"Educating homeowners about their options is critical to keeping families in their homes," said Newbery. "Every family has a unique set of circumstances, dictating a customized resolution. Government, banks and servicers have tried to apply one-size-fits-all solutions to these millions of families, and the results have been miserable for all involved. The solutions offered to families are tailored as solutions for the banks and then are imposed on the families. The reverse is what works: find a solution for each individual family, and then try to make it work for the bank."
Ohio ranks with the 11th highest state foreclosure rate in the nation with one in every 486 Ohio housing units receiving a foreclosure filing in November 2010, according to Realty Trac, In addition, 21.6 percent of the 2,200,773 mortgages in Ohio are scured by homes worth less than the mortgages, according to Core Logic's 2010 Negative Equity Report.
Newbery is Director of American Homeowner Preservation which, since 2008, has helped dozens of Ohio families save their homes as a result of foreclosure prevention efforts. "I have four children and do everything I can to fight and hold on while looking for work and maintaining the home for my children," said David Droge, 47, who was assisted through the AHP program. Laid off from his job in flight operations and owing $201,000 on his Akron home now worth under $100,000, "I was left with not many options" to pay the $1,700 mortgage payments. American Homeowner Preservation was able to get Droge's existing lenders to approve his short sale and Droge's lease payments are now $958 plus he has a recorded option to repurchase his home for $59,668.
Many families do not fare as well as Droge due to resistence by many lenders to provide equitable solutions for families. Still, this workshop will discuss steps which struggling families can take in order to maxmimize the likelihood of keeping their homes. The event will be held 6:30 p.m. - 7:30 p.m. Thursday, June 23rd at the Pleasant Ridge Community Center, 515 Ridge Avenue in Cincinnati.