Help from York to Avoid Foreclosures

The increasing rate of foreclosure homes nationwide has led to the introduction of a new program by the Yorktown Division of Housing. This program aims to provide help to the people in fighting the real estate foreclosure. A total of 5,800 foreclosures have been recorded across the state in the second half of 2007. Out of these, about 4,000 were a case of subprime loans. The newly introduced program follows the method of the Virginia Foreclosure Prevention Task Force that was created after the rate of foreclosures between 2006 and 2007 increased in Virginia. From January to June, a total of 22 foreclosures among 24,000 residences have been recorded in Yorktown. The rate of foreclosures has been low at less than a percent in James City, Yorktown, Mathews, Poquoson, and Williamsburg.

The program of Yorktown includes a mortgage and credit counseling education to those who are standing on the brink of foreclosure homes. According to the manager of the Division of Housing, Vaughn Poller,

“In the past we’ve not had to confront this issue, but we are proactive in our approach to services and are concerned that in the current economic climate the need could grow,”

The program provides valuable information on home purchase financing, debt management, and budgeting. These programs were earlier meant for the first-time homeowners. The partnership of Yorktown with James City Housing Office will offer residents of the upper county to get services on counseling if they are unable to get to the offices of Division of Housing in Yorktown. The new program will however not provide any help for mortgage payments.

According to Poller the housing division is soon to get a HUD certification whereby the HUD counselors will be trained in areas such as credit counseling, foreclosure prevention and homebuyer education. Apart from these, the other area resources include the Greater Peninsula United Way First Call program and Consumer Credit Counseling Service of Hampton. The housing division provides referrals to agencies like Peninsula Catholic Charities and also certified housing counseling to US Department of Housing and Urban Development. Poller has said that one needs to be careful about their finances to avoid the problem of foreclosures.

One should not avoid their real estate mortgage companies as put by Poller. He has said, “Our focus is to provide the public with counseling and information resources to encourage them to take precautionary steps to avoid foreclosure proceedings,” One should always seek for a financial guidance in case he/she has failed to make re-payment.

Search Virginia Foreclosure Homes

• Virginia Foreclosure Homes
• Alberta Foreclosure Homes
• Manassas Foreclosure Homes
• Stafford Foreclosure Homes
• Woodbridge Foreclosure Homes
• Foreclosures by State

Popularity: 4% [?]

Bookmark to: