Credit unions fight foreclosures
A grant from 11 local credit unions is allowing the HomeOwnership Center of Greater Dayton to help Miami Valley families avoid foreclosure.
Eleven local credit unions and the Ohio Credit Union Foundation joined together to provide more than $65,000 to the HomeOwnership Center of Greater Dayton, a program of St. Mary Development Corporation. The grant is helping home owners keep their homes amid the rising number of foreclosures in the Miami Valley by funding a certified foreclosure counselor to exclusively serve the local area.
The efforts of Dayton’s credit unions and the HomeOwnership Center expect to assist more than 300 Miami Valley families in avoiding foreclosure. The initiative will help borrowers by providing them with resources, necessary steps and other tools.
“Foreclosure affects more than individual families, it affects entire communities and it’s having a huge impact in the Miami Valley,” says Tim Mislansky, spokesperson for the credit unions. “The need for this partnership has never been greater. Credit unions are taking a leadership role in stemming the rise of foreclosures.”
No one wins during the foreclosure process.
“Foreclosure causes hardship for the families, vacant properties reduce home values in neighborhoods, and the lenders lose money,” says Beth Deutscher, Executive Director of the HomeOwnership Center of Greater Dayton. “I’m extremely impressed with Dayton credit unions’ willingness to step forward on this critical issue, and we’re thrilled to be partnering with them. Their commitment sets an important example for our community, and we need more partners that are willing to help us reach families before it’s too late.”
The initiative is available to any homeowner in the Miami Valley area having trouble paying their mortgage. Borrowers who need help should contact the Hope Hotline at 888-995-HOPE. Homeowners will receive free foreclosure prevention counseling by a certified expert mortgage counselor, and in most cases be connected to the HomeOwnership Center. They will get advice about their options, assistance working with their lender, help trying to refinance their loan and possible access to grant dollars to help cure their delinquency.
In addition to the foreclosure counselor, the grant will also provide public service announcements developed by the Ad Council and NeighborWorks® America to encourage people to act early and not ignore the problem.
“For a homeowner who is experiencing trouble paying their mortgage, the most important thing is that they act fast,” says Deutscher. “The sooner they reach out for assistance, the greater our chances of being able to identify a solution.”
The eleven participating credit unions include: Affinia Federal Credit Union, Bethel Baptist Credit Union, Code Credit Union, Day Air Credit Union, Daymet Credit Union, First Day Federal Financial Credit Union, Incenta Federal Credit Union, Montgomery County Credit Union, River Valley Credit Union, Universal 1 Credit Union and Wright-Patt Credit Union. The Ohio Credit Union Foundation, the philanthropic arm of the Ohio Credit Union System, aided the efforts with a $10,000 grant.
The HomeOwnership Center of Greater Dayton is a HUD-approved housing counseling agency and a member of the NeighborWorks network. They have implemented a number of programs aimed at helping borrowers keep their homes and offer a variety of free and low-cost services to help Dayton area residents achieve and sustain homeownership.
Gwen Cooper, the HomeOwnership Center’s newest counselor, was hired using the grant from local credit unions. With more than 5,000 foreclosure filings in 2007 in Montgomery County, the new position couldn’t have come at a better time.
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