According to Realtytrac, foreclosure filings in Rhode Island were down 4.6 % from January , but up 51% from February 2009. 1 in every 703 homes received a notice, compared with 1 in every 418 homes nationwide. Nationally, filings fell 2 % from January. So while the numbers seem to hold some promise, there are still thousands of homeowners in Rhode Island facing foreclosures. It is embarrassing to admit you are having financial troubles, but to be proactive sooner rather than later can often mean the difference between keeping and losing your home. Sometimes it is hard to know who to trust and where to turn when you find yourself in trouble.That's why Rhode Island Housing opened
the HelpCenter - a safe place for advice and education when you are facing foreclosure or coping with the loss of your home. This week Steve and Rich had the executive director of Rhode Island Housing Richard Godfrey on to talk about what the HelpCenter. Predominately funded by grants from NeighborWorks, The HelpCenter is staffed by 15 employees with a wide range of experience. Bi-lingual staff members are able to provide services in Spanish and Portuguese. Since mid-November 2007, over 6,700 Rhode Island homeowners have contacted our HelpCenter, and have provided face-to-face counseling to 3,597 homeowners with a full range of financial challenges. 2,850 of these homeowners have completed the counseling process - 747 homeowners are being reviewed by their mortgage servicer for workout options Of the 2,850 homeowners that have completed the counseling process:
- 1,167 mortgages were modified
- 90 homeowners are actively seeking credit counseling and/or other social services
- 130 homeowners sought bankruptcy assistance
- 73 mortgages were brought current
- 48 mortgages were refinanced
- 78 properties were sold through short sale
- 41 properties were sold
- 183 mortgages were foreclosed
- 480 workouts have been denied by the mortgage servicer and are currently working on other action plans
- 387 homeowners withdrew from counseling
- 173 homeowners were non-responsive after their first counseling session
- 747 homeowners are currently being reviewed by servicers for workout options
This Week's Real Estate Insight: Consumers do not need to pay for housing counseling or for modification of a delinquent loan. FREE Help is available through HUD-approved counseling agencies. If you believe you have been the target of a loan modification scam, contact the Rhode Island Attorney General at 401-274-4400, or The Rhode Island Hosing HelpCenter at 401-457-1130.
