Foreclosures Strike Sharp at Homes
Social agencies and business firms join hands to assist the troubled house owners as foreclosures strike sharp at homes. Unemployment numbers is triggering off another wave of foreclosures.
In Jackson County many like Sammie Pakros are counting days while she lives on in the house with her little grandson and ex-husband. From 2008 Pakros (54) failed to keep up with her monthly mortgage remittance of $1,400 for her house in east Medford. Loss of her job as a dental worker put her in dire straits. Since then she has been defaulting.
It is no longer sub-prime mortgages but the recession that is pushing many into foreclosure. Pakros has been residing here for the last quarter of a century but she is now mentally preparing herself for the final marching orders. She bemoaned, “If they call me tomorrow and tell me to move out, I will cry, but I will move on.”
The recession officially started from December of 2007. Since then the lenders have initiated foreclosure proceedings against 1,718 house owners in Jackson County. During that period an additional one third mortgages slipped into default. In 2009 foreclosures have swallowed 919 houses and notices have been served to 1,855 owners of property who are a minimum 90 days lagging behind in their payments as per the findings of Rogue Federal Credit Union. The apprehension is that the situation will worsen.
Around 2,500 ARMs across the country are geared to hike interest rates from the start of 2010. This will make more families vulnerable to foreclosure said the real estate pundits. One of them said he is in the know of a loan that will jump from $1,400 per month to $2,100 in the case of a house owner who has lost his job.
A non-profit body ACCESS Inc. has been at the forefront in trying to contain the flood of foreclosures. It deals with food and housing help through Building Hope – a group comprising of business houses and organizations led by Rogue Federal Credit Union and Home Builders Association of Jackson County. But the demand is so great that these agencies are over strained. They spend a lot of time negotiating the complex financial terms and conditions related to the loans of the locals. They have been advising the citizens of the locality to take important decisions. Their earnings are being budgeted and help is being given to find other sources of income. The harsh reality is given due thought as to whether they can really afford the house or not.
