Foreclosures Gobbling Up County Houses
The sub-prime mortgage market was launched with the laudable purpose of making a large deprived section of the populace proud owners of their own houses. Unfortunately predatory lending and irresponsible borrowing have led to an untenable situation.
Livingston County is one of the worst hit regions as regards foreclosures. The situation is so grave that across the state social service groups are coming together to organize some sort of help for those under the shadow of foreclosures.
Livingston County register deeds show that there have been 734 foreclosures in 2007. In the same time in 2006 there were 454 listings. In the first nine months of 2005 the number was only 205. Since the tenth month of 2005 foreclosures have picked up rapid pace. In 2007 the number has already crossed last full year’s total of 616. The figures speak for themselves and point to an unhappy state of affairs. This is view of Sally Reynolds and undoubtedly echoed by many.
Catherine Rea Dunning of Livingston, who is the Director of Oakland Livingston Human Service Agency, shudders as see sees able bodied hard working families seeking help. They have either been laid off from the sick auto industry or their working hours have been reduced. The effect is the same – drastic reduction of income. The agency of Dunning does not come forward with financial assistance but refers the sufferers to right addresses. Unfortunately by the time help is sought the debts have piled up hopelessly and is beyond help.
However change is in the air. OLHSA was founded in the 1960’s with social service objectives. This group covers all the 83 counties of Michigan and also many other places of America. The move is on to create a foreclosure assistance fund that will be more effective. A statewide programme is just about to take off. Ohio and Massachusetts have the same type of funds. Federal money is to be used to plug foreclosure proceedings so that the backlog does not pile more than before. Dunning fervently appeals to all sufferers to contact lenders even before the expiry of the three months grace period for effective negotiations.
Reliable online groups keeping track of foreclosure facts and figures says that Michigan ranks 6th in the foreclosure race being held right across the nation. In Michigan out of every 288 homes one has slipped into foreclosure in August.
