|
During a meeting today convened by Franklin County Commissioners, countywide elected officials met with housing industry officials to define how the rising foreclosure rate may affect families as well as local government operations, and evaluate the recommendations issued last month by the Governor’s Home Foreclosure Task Force.
According to a study by Policy Matters Ohio, foreclosures in Ohio have increased 23.6% from 2005 to 2006 with more than 79,000 filings in 2006. The number of foreclosures is expected to increase in the next two years, as many adjustable rate mortgages with lower “teaser” rates are reset to higher interest rates and higher monthly payments.
Commission President Mary Jo Kilroy underscored that, “the rising foreclosure rate in Franklin County is affecting the entire community.” She continued, “A coordinated county effort is necessary to accurately review the situation and identify an appropriate county response. Convening this first countywide meeting is a positive step towards keeping more Franklin County families in their homes.”
County Treasurer Ed Leonard noted that his office has been proactively reaching out to families to prevent home foreclosure before it’s too late. “As the clearinghouse of foreclosure resources, the Franklin County Treasurer’s office is thrilled that the county is examining ways to expand opportunities and resources to help our Franklin County homeowners.”
Commissioners noted that following a series of countywide meetings focused on addressing the mortgage foreclosure rate in Franklin County, policy may be enacted to help assist those families who are in the process of losing their homes.
“I am very concerned about the impact this could have on the Central Ohio economy and our already strained county budgets in the near future, as well as the long term,” said Commissioner Paula Brooks. “I believe that we must work together with both consumers and the business community to do what is best for our families and our economy.”
“I want to encourage residents who have Adjustable Rate Mortgages to call a counseling agency before their interest rates reset,” said Commissioner Marilyn Brown. “It is imperative that you do not wait. Making this call early will provide homeowners the best shot at saving their family’s home.”
Franklin County Commissioners are planning to host additional meetings on specific topics addressing the foreclosure rate in the county.
|
