According to Realtytrac, foreclosure filings in Rhode Island were down 4.6 % from January , but up 51% from February 2009. 1 in every 703 homes received a notice, compared with 1 in every 418 homes nationwide. Nationally, filings fell 2 % from January.

 So while the numbers seem to hold some promise, there are still thousands of homeowners in Rhode Island facing foreclosures. It is embarrassing to admit you are having financial troubles, but to be proactive sooner rather than later can often mean the difference between keeping and losing your home. Sometimes it is hard to know who to trust and where to turn when you find yourself in trouble.That’s why Rhode Island Housing opened the HelpCenter - a safe place for advice and education when you are facing foreclosure or coping with the loss of your home. This week Steve and Rich had the executive director of Rhode Island Housing Richard Godfrey on to talk about what the HelpCenter. Predominately funded by grants from NeighborWorks, The HelpCenter is staffed by 15 employees with a wide range of experience. Bi-lingual staff members are able to provide services in Spanish and Portuguese.

Since mid-November 2007, over 6,700 Rhode Island homeowners have contacted our HelpCenter, and have provided face-to-face counseling to 3,597 homeowners with a full range of financial challenges.  2,850 of these homeowners have completed the counseling process - 747 homeowners are being reviewed by their mortgage servicer for workout options

Of the 2,850 homeowners that have completed the counseling process:

• 1,167 mortgages were modified
• 90 homeowners are actively seeking credit counseling and/or other social services
• 130 homeowners sought bankruptcy assistance
• 73 mortgages were brought current
• 48 mortgages were refinanced
• 78 properties were sold through short sale
• 41 properties were sold
• 183 mortgages were foreclosed
• 480 workouts have been denied by the mortgage servicer and are currently working on other action plans
• 387 homeowners withdrew from counseling
• 173 homeowners were non-responsive after their first counseling session
• 747 homeowners are currently being reviewed by servicers for workout options

This Week’s Real Estate Insight:

 Consumers do not need to pay for housing counseling or for modification of a delinquent loan. FREE Help is available through HUD-approved counseling agencies.  If you believe you have been the target of a loan modification scam, contact the Rhode Island Attorney General at 401-274-4400, or The Rhode Island Hosing HelpCenter at 401-457-1130.

 

 Listen to this week's show here: : Play Now | Play in Popup | Download

The Rhode Island Housing HelpCenter is a winner of a 2009 Justice Award in the category of Consumer Protection. The awards are given in recognition of an extraordinary commitment to justice exhibited by members of the community.  Richard Godfrey, Executive Director of Rhode Island Housing stated Rhode Island Housing has seen over 5,000 Rhode Islanders in the HelpCenter.  Rhode Island Housing works with its partners to bring free workshops to communities throughout the state.  Trained counselors provide advice, education, resources and referrals free of charge to assist homeowners in understanding the options now available to those in need of housing help. In addition, in partnership  the FDIC, The Housing Network of Rhode Island, and the Attorney General’s Office, the HelpCenter also participated in a free seminar to alert Rhode Islanders of the scams currently plaguing Rhode Island and raise awareness of the available resources and recourse in the public and non-profit sectors.

This Week’s Real Estate Insight:

Rhode Island Housing is a self-sustaining public agency, which generates its own operating income, without state funding. Everything the agency earns is reinvested to meet the needs of the state. Together with its partners, the agency works to ensure that all people who live and work in Rhode Island can afford a safe, healthy home that meets their needs. Rhode Island Housing provides low-interest loans, grants, education, advocacy and consumer counseling to help its customers rent, buy and retain their homes. It also offers special programs to ensure that these homes are safe and healthy