Foreclosures statistics have been going up for the past year. Many experts attribute the increase to predatory lending. Anyone that feels that they have been a victim of this predatory style of lending needs to contact various organizations, both local and national, for assistance. The state of Ohio leads the nation in foreclosures. There is an increased need for foreclosure help in Dayton, OH, Montgomery County. For areas like Dayton, OH, the effects of foreclosures have been profound.
Dayton was ranked 16th out of the top 100 metropolitan cities for home foreclosures in the beginning of 2007. Montgomery County Clerk of Courts reports that 45% of all court cases that were filed that year were home foreclosures. Most of these cases could have been avoided if people would have contacted their lender when they first started to miss their payments.
Foreclosure help in Dayton, OH is available through a collaboration of nonprofit organizations, government and financial institutions. This collaboration was formed in the effort to provide foreclosure help in Dayton, OH to families at risk before it is too late. United Way’s Help Link 2-1-1 is one of the nonprofit organizations that is providing foreclosure help in Dayton, OH. They have trained staff that will assist each resident and make referrals to the appropriate institutions to get that help. Grace Lutheran Services has a consumer credit counseling service that offers mortgage assistance and debt counseling.
If you are looking for an organization that offers foreclosure help in Dayton, OH when predatory lending is suspected, Miami Valley Fair Housing may be able to help. This organization offers assistance by reviewing mortgage loans for foreclosure defenses. Another organization that helps victims of predatory lending is the Community Reinvestment Institute Alumni Association. They also offer training that helps buyers recognize predatory lending before they become a victim.
The first step that people facing foreclosure need to take is to talk with their lender. Research shows that 75% of home owners with delinquent mortgages were contacted by their lender, but never responded. Most people are not aware that their lender will assist them in avoiding foreclosure. The lenders have as much at stake as the owners.
On average, lenders lose between fifty to sixty thousand dollars every time a mortgage goes into foreclosure. Then they are left with a house to sell. Lenders are in the business of mortgage lending, not home ownership or selling houses. Lenders have programs available to help home owners avoid foreclosure. They just need to be contacted early on in the foreclosure process. The further behind in payments the home owner gets, the less assistance is available.