Sunday, August 27, 2006

Forecloser Rates Skyrocketing

Our region of Hamilton County is experiencing one of the highest forecloser rates in the nation. In fact, Hamilton County has an 88 percent increase in foreclosers from 2002 to 2005. 2,575 homes were foreclosed on in 2005. There are many reasons for this, but a significant cause is unscrupulous lending practices by mortgage companies, also known as preditory lending.

A local community organization called WIN Action Organizing Project (WINAOP) is working to address this alarming problem. Funded in part through the Catholic Campaign for Human Developement, WINAOP provides financial literacy services and has won agreements with major financial institutions to prevent foreclosers and preserve home ownership.

You can help by encouraging homeowners in financial difficulty, with preditory loans, or in danger of forecloser to contact the WIN Action Organizing Project at 541-4109 to get more information.

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