Hotlines, Counseling Aim To Stem Baltimore’s High Foreclosure Rate
Baltimore is witnessing a disturbing trend. Agreed, the number of foreclosures in the city dropped more than 8 percent over a four-year span. However, a new study shows that the rate of foreclosures compared to the number of homeowners in the city was almost twice that of Philadelphia. This trend has cost the city $1.8 billion.
This trend is causing great concern among the city agencies, housing groups, lenders and nonprofits. So they decided to come together and launch a new initiative to help people facing foreclosure. They also hope to sustain Baltimore’s momentum in boosting its roster of homeowners with this move. Baltimore.bizjournals.com reports:
Prospective homebuyers will get access to independent counseling on the costs of homeownership and spotting fraudulent real estate practices as part of the effort launched by Mayor Martin O’Malley and a new group called the Baltimore Homeownership Preservation Coalition. Homeowners threatened with foreclosure will be able to call 311, the city’s One Call Center, where operators will connect them to trained counselors and refer them to housing aid organizations.
Read more: City’s high foreclosure rate spurs hotline, counseling
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