Facing the Mortgage Crisis – We’ve Moved

Today, we transitioned our Facing the Mortgage Crisis Web site to a new, more interactive platform. Please visit www.stlmortgagecrisis.org for the same updates and content you’ve become used to finding here:

More “Facing the Mortgage Crisis” Programming from KWMU

On Friday KWMU continued its “Facing the Mortgage Crisis” programming.  Repps Hudson examines several common misconceptions homeowners have when it comes to mortgage payments and foreclosure.  He also reports on how financial counselors are adapting to the increase in foreclosures since 2008. 

The report also includes one woman’s experience with predatory lenders and how she managed to save her home from foreclosure.  You can listen to the entire segment online HERE.  Don’t forget to stay tuned to KWMU-90.7 FM for more from this ongoing series.

KWMU is Facing the Mortgage Crisis

KWMU recently continued its “Facing the Mortgage Crisis” series with a report from Repps Hudson.  Hudson interviewed area experts in order to examine the extent of the mortgage crisis in St. Louis.  Some of the findings may sound familiar, but his report also includes surprising foreclosure trends in several local communities.

You can listen to the entire report online HERE.  Don’t forget to stay tuned to KWMU for more reports in this ongoing series.

Local Communities Struggle With Empty Houses

The Suburban Journals recently followed a Collinsville community service officer as she made her rounds citing houses desperately in need of maintenance.  Community service officers monitor neglected homes and unkept yards.  Since the mortgage crisis and the subsequent rise in foreclosures, their job has gotten a lot more difficult.  Communities all over Missouri are struggling with how to handle abandoned and foreclosed homes. 

To read more about what Collinsville and other local communities are doing about empty homes, CLICK HERE. 

In tough times, it’s especially important to help our neighbors.  If there are vacant or abandoned properties in your neighborhood, do your part to keep your neighborhood safe—you can rake leaves, mow the lawn, or just pick up trash to keep homes clean. 

For volunteer opportunities in your area, call United Way’s 2-1-1 referral service at (800) 427-4626.

Do you have stories to share about volunteering in your neighborhood?  Leave a comment, we’d love to hear from you.

Finding Your Way Out of a Scam: Dawn Walters Describes Her Experience

Facing foreclosure last year, Dawn sought help and found a company that was “very willing” to “help”.  As months went by, Dawn realized that the company was taking advantage of her. She paid the company large up-front and monthly fees without results.

Dawn searched for help again and found Beyond Housing.  Their free support and counseling allowed her to keep her home.  Watch Dawn talk about the free help she found at Beyond Housing in the video below.

Legitimate housing counseling agencies won’t contact you or send advertisements. You should be wary of any company that charges for housing counseling and/or seeks you out.

If you or someone you know is facing foreclosure, contact a HUD-certified housing counseling agency to seek help.  To find one, call United Way’s 2-1-1 referral service at (800) 427-4626

Unemployment Leads to More Foreclosures Across the Country

A new wave of foreclosures is affecting areas of the country not previously hard-hit by the mortgage crisis.  USA Today reports that these foreclosures are different from the foreclosures at the beginning of the mortgage crisis in 2007.  Instead of being caused by risky subprime lending, the recent increase in foreclosures is due to rising unemployment.  In the ongoing economic recession, more and more people are losing their jobs and are unable to keep up with their mortgage payments.

To learn more about how unemployment is affecting the housing market, you can read the entire article HERE.  If you or someone you know is facing foreclosure, contact a HUD-certified counselor.  To find one, call United Way’s 2-1-1 referral service at (800) 427-4626.  2-1-1 can also connect you with resources and information about employment, food, health care, counseling, and other services.

New Bill Proposes to Fight Vacant Properties

The city of St. Louis is leading the country in the number of empty houses per person. Recently, this number has grown even more due to the increase in foreclosures brought on by the mortgage crisis.  Empty homes lead to crime and can ruin entire neighborhoods.  The city of St. Louis is now working to fight this growing problem. 

Sunday’s St. Louis Post-Dispatch reported on a bill presented to the city’s Board of Aldermen.  The bill requires that owners of vacant buildings register those buildings and pay a fee each year the property remains empty.  To read the entire article about the proposed registry, CLICK HERE.

You can do your part to be a good neighbor.  Actions as simple as raking leaves or picking up trash around vacant properties can help keep your neighborhood safe.  Watch the Living St. Louis segment below to learn how the Spanish Lake community is working together to address the problem of abandoned homes in the neighborhood.  To learn how you can volunteer, call United Way’s 2-1-1 Referral Service at (800) 427-4626—they’ll help connect you with trusted resources.

Living St. Louis Spotlight on Credit Counseling

KETC’s Living St. Louis program recently featured a segment on credit counseling.  Producer Ruth Ezell follows the story of Laurie Ferrer and her family.  Like many other Americans, Laurie and her husband became dependent on their credit cards.  The Ferrer family was no longer able to pay the minimum balances on all their cards and their interest rates kept getting higher; eventually their debt became too much to handle.

But Laurie and her family sought help, and they found a solution to their debt problems at ClearPoint Credit Counseling Solutions (formerly known as ClearPoint Financial Solutions).  ClearPoint’s counseling services have already helped the Ferrer’s decrease their debt by 25% and they expect to be debt-free in three years.

You can watch the entire Living St. Louis segment HERE, or by watching the video below. 

If you or someone you know need credit counseling, call United Way’s 2-1-1 Referral Service at (800) 427-4626—they’ll help connect you with trusted resources.  You can also contact one of our partners, ClearPoint Credit Counseling Solutions, for help with credit card debt.

Obama Announces Major Financial Reforms

President Obama announced his plan today for sweeping reforms of the nation’s financial systems.  Among these reforms is the establishment of the Consumer Protection Agency.  CNN reports that the agency will help to protect consumers from deceptive financial services and to regulate mortgages, credit cards, payday lending, and other similar financial practices. 

These changes are part of an effort to address the risky mortgage lending that led to the financial crisis America is facing right now.  To learn more about Obama’s announcement, you can read the entire article online HERE.

If you or someone you know needs credit counseling, call United Way’s 2-1-1 Referral Service at (800) 427-4626–they’ll help connect you with trusted resources.  You can also contact one of our partners, ClearPoint Credit Counseling Solutions, for help with credit card debt.  If you think you may have been part of a fraudulent scheme, contact the FBI.

MO Attorney General Sues Mortgage-Refinancing Companies

On May 27, Missouri Attorney General Chris Koster announced suits against two local mortgage-refinancing companies.  The St. Louis Post Dispatch’s Savvy Consumer blog reports that both companies have been calling citizens on Missouri’s Do-Not-Call list.  These suits are part of an ongoing effort by the Attorney General’s office to fight mortgage scams. 

Legitimate housing counseling agencies won’t contact you or send out advertisements.  Their services shouldn’t cost you anything.  You should be wary of any company that seeks you out and/or that is charging you a lot of money for housing counseling.

To read the entire St. Louis Post Dispatch article on Koster’s announcement, CLICK HERE.  If you or someone you know is facing foreclosure, contact a HUD-certified housing counseling agency to seek help.  To find one, call United Way’s 2-1-1 Referral Service at (800) 427-4626.