On Nov 28, 2007 10:25 AM, Charles Brown <[EMAIL PROTECTED]> wrote: > Foreclosure help on the way >
Under fire for the explosion of failed mortgages that has led to a national > foreclosure crisis, lenders promised U.S. mayors in Detroit on Tuesday > that they will pay for credit counseling hotlines and assemble a database to > help untangle who owns foreclosed properties. > Help on the way for who exactly? How is creating a database of foreclosed properties going to help the unfortunate ex-homeowner? The only ones who would benefit are vulture investors looking for cheap properties and possibly neighbors who don't want a unmaintained lawn to drive down their own property value. This is a disgrace. -raghu. Kilpatrick said the database would prove useful because residents > inundate city halls with complaints about foreclosed homes with > overgrown lawns and broken windows. > > But many often struggle to find answers because it can be difficult to > figure out who's responsible for the property, he said. > > "Now we'll know better who has the major responsibility for getting > those houses in order," Kilpatrick said. > > Both the database and money for hotlines would be a big help, said Ava > Tinsley of the Boston-Edison Association in Detroit. The association is > involved in helping people facing foreclosure. > > It's difficult to determine which entity has seized a house when it is > foreclosed -- a bank for a mortgage or a government for taxes, Tinsley > said. > > And the demand for counseling help is immense, she said. > > "There are so many people out there who need help and don't realize > they need help until it's the ninth hour," she said. > >
