When a house is for sale, an evaluation is done to determine its value before a loan is made. Appraisers are trained to make judgments about the value of properties with "boot-on-the-ground" inspections. In the past, a few appraisers were influenced by over zealous brokers and lenders. Now there are new guidelines in place. But are they protecting the consumer or making money for the lender?
For people in the Miami valley who are in trouble with their mortgage payments, a phone call to the lender is often the first step to some sort of a solution. Many major banks have agreed to work with the Home Affordable Modification Program which was designed to help homeowners stay in their homes. But sometimes when phone calls go unanswered and communication is delayed, foreclosure will proceed.
People facing foreclosure are obviously dealing with a very difficult situation. Though people are finding assistance through the 211 help line and other services, some people feel they have no choice but to leave their homes and sometimes, their possessions behind - before the foreclosure process is even complete. What's left is a neighborhood dealing with an empty house and a new set of new problems which affect everyone on the street. WYSO's Jerry Kenney discovered such a neighborhood near his home in Miami Township. Here's what he found...
Community organizations around the Miami Valley are offering foreclosure counseling and financial literacy classes. In Clark County, the foreclosure rate continues to rise and experts say it is likely to for the foreseeable future, WYSO's Juliet Fromholt has the story of what one Springfield organization is doing to educate people about their mortgages, their homes and their Financial fitness.