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Families Facing Foreclosures To Be Provided Aid From County
The national problem of the foreclosure crisis is magnified in Lucas County due to the soaring rate of repossessions. The County’s Department of Job and Family Services and Lucas County commissioners announced a proposal to help fight the crisis on a local level.
The county plans on donating the $400,000 it gets every year from the federal Temporary Assistance for Needy Families to families that have failed to and are unable to pay their mortgage payments.
To help qualified families cover their late mortgage payments they will be provided with a one-time payment of up to $5000. Furthermore, families will also receive training to help them with budget management, predatory lending, and interest rates. The program will be run by nonprofit agencies, which will provide funding out of their own pockets which the county will later reimburse and those that are capable of providing adequate training. Job and Family serves is currently awaiting proposals from qualifying agencies to manage the program.
The executive director of Job and Family Services Deb Ortiz said that they were providing families facing foreclosures with vouchers of up to $1,000 but this hasn’t been enough to curb the problem and since mortgage companies weren’t accepting vouchers agencies had to be contracted to provide sufficient funding to facilitate the program.
A proposition for expanding the eligibility to qualify to receive aid from the Temporary Assistance for Needy Families fund was proposed by the county’s commissioners to include families earning from 200 to 300 percent of the poverty level.
According to data gathered by RealtyTrac Inc., an online real estate sales firm of Irvine, California, 58% of the foreclosures in October involved repossessions by banks or other mortgage holders and nationwide repossessions had increased to 24 percent, in October, up from a typical 15 to 20 percent.
According to the report published by RealtyTrac Inc. the city of Toledo ranked as the 20th worst city to be affected by foreclosures in the third quarter, among America’s 100 largest cities.
According to the report every 1 in 331 homes in Lucas County was repossessed and among big counties in Ohio this was the second-highest, coming in behind Cleveland’s Cuyahoga County, rate of foreclosure actions including repossessions, where in a Sheriff’s auction a bank repurchases a house.
The director of enforcement and compliance at the Fair Housing Center in Toledo, Keith Foster said that his agency will aid the county’s assistance program and apply to administer it. He said that the program would not help everyone facing the crisis but the families benefiting from this program would be those that had experienced short term medical problems, temporary job loss or other such circumstances that had caused their home mortgage payments to be deterred. He said that the program is not going to help people who had bought a house even though they could never afford it.
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