The number of bank and foreclosed VA homes across the region has remained unabated for several years now. To address the growing problem, U.S. Representative Cliff Stearns has decided to host a workshop to help distressed homeowners protect their properties from foreclosure.
The workshops in Gainesville and Ocala, Florida on June 28 will gather professionals who could help troubled homeowners fight foreclosure.
Stearns said that the foreclosure problem has been growing uncontrollably that it has reached severe proportions. He believes that one way to curb the increasing number of bank and foreclosed VA homes in the region is to educate homeowners and provide them the opportunity to modify the terms of their mortgage loans.
He pointed out the predicted 2.3 million homeowners who will face the danger of losing their properties to foreclosure this year. He said that about 1,300 homeowners in Alachua County filed for foreclosure last month, representing an 80 percent increase from last year. He added that in Marion County, foreclosure filings totaled 2,800 last month.
Stearns explained that a modification in loan interest or providing homeowners with interest-only loan may suffice in helping them avoid bank or foreclosed VA homes.
The workshops will allow homeowners to have a one-on-one meeting with experts who can offer them advice and provide additional assistance. Additionally, potential homebuyers may inquire if they are eligible to become homeowners and how to avail of the $8,000 federal tax credit for those first time buyers.
Stearns and the U.S. Department of Housing and Urban Development (HUD) have partnered to offer useful information to homeowners, especially about foreclosure prevention. HUD director in Jacksonville Nick Shelly said that HUD-approved housing counselors will also be around to talk and assist homeowners.
He told homeowners who are on the brink of losing their homes to foreclosure that HUD-approved housing counselors are providing help free of charge. He said that because of the confusing foreclosure process, many homeowners do not know what to do or are not aware that they have options to avoid foreclosure.
Workshop organizers said that the events are aimed at educating potential homebuyers and not to market distressed properties for sale. According to industry experts, bank and foreclosed VA homes linked to subprime loans are rampant in the areas of Silver Springs, Ocala Park Estates and Marion Oaks.
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