Knowledge Is A Weapon Against Foreclosures

Posted in Foreclosures, October 30th, 2007 |

For several months news about foreclosures have been capturing the headlines. The latest report is that the number of foreclosures in September 2007 is double to what it was during the same period in the previous year.

Michigan is one of the five top offenders as regards foreclosures. The sub-prime is to be primarily blamed for this crisis but other causes like loss of jobs and the general decline of the economic health of the country from rising of interest rates cannot be ignored.

Eaton County is pockmarked with for-sale signs and the local newspapers are cluttered up with endless foreclosure listings. The County government is alarmed because of the general effect it has on everything in the locality. It is optimistic that an educative and awareness campaign will help to somewhat mitigate matters. The main idea is that the people should continue to light their home fires in their own houses.

With this objective in view the Eaton County Community Development Department plans to host a workshop on the evening of 30th October in the community room located in Courthouse Drive, Charlotte. There are many options by which the ugly foreclosure process can be forestalled and parried. It will somewhat relieve the tension.

The course includes teaching the participants about alternatives to foreclosures, educating them about mortgage terms and definitions and identifying the personnel in a mortgage corporation who will come of help. As in all matters – it is knowledge that is power. The pen is always mightier than the sword. The worst thing to do is not to know what to do and behave like an ostrich and ignoring the situation until too late.

The point to understand is that foreclosures are good for neither party. The lenders too want to avoid it as it involves time and money. So it is prudent to know that the lender is also keen to come to the negotiation table. A fervent appeal has been sent out on behalf of the local administration asking all the foreclosure victims to attend and arm themselves with the sword of knowledge.

Foreclosures are causing the government to sit up because the sheer numbers is overwhelming. Abandoned houses mean stinking pools spreading fever and vagabonds stalking localities. With the properties being in a state of limbo there is none to pay taxes. It is a no go situation for all.