Monday, July 28, 2008, 10:22 AM : The Housing Authority of Clayton County is formulating a plan to bail out homeowners in arrears. According to the Clayton News-Daily, we lead the metro Atlanta area in delinquent mortgages and foreclosures. “Many people found themselves duped by predatory loans after the fact, and was then told they couldn’t do anything about it but pay up or lose their home,” says James Searcy, Chairperson of HACC’s Foreclosure Prevention Committee. “What the [HACC] plan would do is help restore home ownership for those working with our program.”Clayton residents are already inquiring, and being advised to call back in about 30 days.
HACC’s self-funded plan is not to be confused with the recently approved American Housing Rescue and Foreclosure Prevention Act. H.R. 3221 will provide $4 billion in grants and loans to state and local governments to purchase, rehabilitate and resell, or rent out foreclosed homes, and offer tax credits to first time homebuyers. Another $180 million is earmarked for housing counseling and additional licensing for mortgage originators. Although we resisted the temptation to buy above our means and take on a risky loan, under different circumstances we could need this help, and would welcome it. Plus there are other legitimate reasons people are getting foreclosed on, such as illness and jobs lost in this unstable economy.
“As we progress, the goal is to help rebuild pride in adversely affected neighborhoods which in turn would benefit the economy and reputation of our county,” added Searcy, who suggests contacting your lender and attempt to work out a payment plan, or consult a Realtor or credit counseling service for guidance until their plan is in place. Were you or someone you know a victim of predatory lending? If your home was up for foreclosure, wouldn’t you take advantage of these opportunities? Should Clayton get involved with those who for whatever reason are unable to pay their mortgage?
news source : http://www.ajc.com/
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