Federal Funds To The Rescue Of Foreclosure Victims
Monday, September 17th, 2007Last Friday President Bush took a positive step in sending a cabinet colleague to Chicago. This was part of a programme to lessen the number of people being made homeless because of the foreclosures. Last year in Chicago alone more than 18,000 house owners were adversely affected. From a report released by CBS 2’s it is learnt that $27 million is being granted to community groups all around the country to help besieged householders.
In 2002 Regina Garrett set up her home in the first house she ever owned. But within two years she was on the verge of losing it. She lost her job and fell behind in one monthly mortgage payment. To make matters worse her stars were against for because it was at this critical juncture that interest rates shot up from $900 to $1,200. Foreclosure hung over her head. Desperate Regina began to lose her cool and sank into a traumatic state of confusion. By chance a well wisher asked her to knock on the doors of Neighborhood Housing Services of Chicago. She was now advised and able to negotiate new terms with the lender and save her roof. She availed of a loan from the agency to rehabilitate her house. Words fail Regina when she wants to express her thanks to them for standing beside her in her hour of need.
There are many Reginas in the state who are now benefiting from the programme. U.S Treasurer Henry Paulson opined that the primary message he has for the victims is that at the first sign of stumbling immediately contact counselors. The government wants more success stories like that of Regina to make the rounds. There are about 60 counseling agencies like Neighborhood Housing across the country with whom the $27million will be distributed for the express purpose of helping the unfortunate borrowers of housing loans.
Jim Wheaton, a spokesperson of Neighborhood Housing Services of Chicago said that using discretionary powers, in specific cases a small loan would be advanced for reinstating mortgages. These would be for those who had lost jobs or undergone a tragedy like illness or death in the family. Anybody threatened by foreclosure can apply for a credit of $10,000. The uniqueness of this loan is that one need not have to repay until the property has been transferred, refinanced or sold.
