If the financial crisis has dragged you down, and it very well may have, this piece of real estate news will pick you right up. Some folks on the brink of foreclosure have found a way out.
Through the Piedmont Housing Alliance’s Regional Home Ownership Center (RHOC), homeowners who are in default on their mortgage may be eligible for 0 percent deferred loans. Candidates have to meet the income guideline, which is 80 percent of area median income.
PHA, a nonprofit organization funded by government and private monies which celebrated its 25th anniversary recently, reports that in 2008, it’s center has counseled 112 new clients, and 24 of those were successful in avoiding foreclosure, “by bringing their mortgage current, getting their loan modified, entering a debt management plan, selling the property, or getting legal assistance,” according to a press release. Sixty-six are still working with a counselor at PHA.
On Wednesday, January 14, at 11:30am, PHA will offer a free seminar on credit and bankruptcy that is open to the public.
Anyone wishing to get a better handle on Charlottesville foreclosures can check out the detailed study done by Nisha Botchwey’s students at UVA.
The Piedmont Housing Alliance’s plan for the next 25 years is to assist 1,500 additional first-time homeowners, build more affordable housing units and obtain $250 million in financing for affordable housing.