CLEVELAND (AP) - Increasing joblessness has fueled a new stage in the foreclosure crisis in northeast Ohio and around the country. Unemployment has caused more and more homeowners to default on traditional, fixed-rate loans.
NEW YORK - The letter may look like a government form. The logo may seem official. The Web site address may sound like an agency that can help.
A sudden, drastic drop in income last year had Bob and Roxanne Curry of Queen Creek fearing they would become another foreclosure statistic. Eventually, the couple was able to get their mortgage interest rate cut from 7.45 percent to 5 percent, and all late fees and charges were moved to the end of the loan.
The ongoing mortgage foreclosure crisis has sparked a cottage industry of so-called ‘foreclosure rescue’ companies. But advocates and government officials warn that a significant number are little more than fraudulent operations designed to separate distressed homeowners from their money, and sometimes their houses as well.
Hernando County will receive some $600,000 in federal stimulus money to help residents facing eviction through foreclosure not become another homeless statistic.
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