It feels like we were all rushing to stop the water from leaving the dam but now we also need to have an arsenal of life boats ready.
Irvine, California (PRWEB) February 17, 2013
Help Share the Word (HSTW) has initiated an awareness campaign to find healthy housing alternatives for homeowners with detailed pilot programs in Chicago and Atlanta. According to Daren Blomquist at RealtyTrac, both Chicago and Atlanta are in the top ten metros with most active foreclosure inventory in the United States. Nationwide, data shows that there are more than 690,000 American families at-risk of imminent displacement. Both Atlanta and Chicago are also hovering at over 8% statewide unemployment. Research at HSTW indicates that an increasing number of former homeowners are struggling to meet the demands of market rentals based on credit worthiness and multi-month reserves necessary for transitioning into rental properties. Sergio C. Muñoz, SVP at HSTW, says, “Homeowners devastated economically and emotionally by foreclosure would never have imagined that homelessness would now be a real possibility. It feels like we were all rushing to stop the water from leaving the dam but now we also need to have an arsenal of life boats ready.”
One available option for homeowners avoiding homelessness is through programs that purchase the home and rent them back to the original homeowner at an affordable payment. These types of programs are designed to help mitigate several obstacles associated with transitioning homeowners seeking rental options. Muñoz, says, “In Georgia, there are currently 159 counties all reporting delinquencies to the public legal organs and sending homeowners to auction off their homes at the courthouse steps every first Tuesday of the month. The scope of the problem is enormous in Atlanta as well as in Chicago.”
A second alternative is in the rental marketplace. HSTW has affiliates that assist homeowners with less than perfect credit, lack of rental history and other rejection points for the type of property they feel is suitable for their family needs. Muñoz says, “Our affiliates have created an easy qualification system to find affordable rentals in geographically desirable locations. With housing inventory falling nationwide, the search for rentals is very competitive and increased demand is beginning to price foreclosure refugees out of the market.”