Mon Dec 27, 2010 at 10:31:19 AM EST
|
It's amazing how things can change in just a few years. Two recent stories about the foreclosure crisis illustrate the complexities of the problem, and some potential sollutions. Both articles also point out how much the problem has ballooned in just two years.
The New York Times ran a story over the weekend about a Pennsylvania couple that nearly faced eviction after missing a mortgage payment back in 2008 and being unable to pay the piling up late fees and interest. In the end, the couple was able to work with their lender to modify the terms of their mortgage, an unusual occurance in the current landscape. But they had to file for bankcruptcy, and it appears that a reporter's call to the mortgage company had something to do with the positive outcome.
The Boston Globe has a story today detailing some heartbreaking stories about homeowners fighting for their homes in housing court. Some hold out hope that Boston Community Capital, a CDFI and Tzedec borrower working to prevent foreclosures through its Stabilizing Urban Neighborhoods Program, which we've written about here before, will purchase their homes and sell them back to the homeowners at market rates and affordable monthly payments. But as Elyse Cherry, BCC Executive Director, points out in the article, the problem is so big that BCC estimates it can help about 20% of Boston and Revere, MA homeowners in trouble. That leaves a lot of people in danger of losing their homes. |
| Laura Wintroub :: Mostly grim picture for troubled homeowners, with some room for hope |
|
|
| User Blox 1 |
|
- Put stuff here
|
Barack Obama  |
|
|
|
|
|
|
|
|
|
|
|
| RSS Feed Links |
Subscribe to JSpot in a feed reader!
Subscribe to JSPOT by Email!
|
|
| User Blox 4 |
|
- Put stuff here
|
|
