Help for Homeowners Facing Foreclosure

November 20, 2008

Everyone seems to agree that flooding the market with empty, foreclosed homes does not help neighborhoods maintain stability – either as a way of living, or regarding the value of homes. Empty homes do nothing for a neighborhood.

Recently some organizations are taking tentative steps to allow homeowners who are defaulting on their mortgage to remain in their homes –at least for the time being.

Fannie and Freddie Mac have announced that they are freezing foreclosure sales until after the new year while they review strategies and the future of their organizations. J.P. Morgan Chase & Co. and Citigroup Inc. recently announced foreclosure-prevention programs that aim to reduce interest rates, extend repayment schedules and, in the case of Citigroup, reduce loan amounts, to help borrowers keep their homes. But the programs have focused primarily on loans wholly owned by those companies because they feel they have more authority to rework those mortgages.

HSBC is also making more options available to more people. For example, it is contacting customers before their adjustable-rate loans reset to higher rates and freezing the current rate or allowing the borrower to pay a rate below what the new rate would be. The bank also is lowering fixed rates for selected borrowers. All this in an effort to stave of foreclosures.

One way of stabilizing markets where supply exceeds demand is to regulate supply. That way the people who can buy homes can buy from sellers who can’t afford to stay in their current home. But, amazingly enough, new home construction is still going on – even in saturated markets. Merrill Lynch economist David Rosenberg suggests, only half-jokingly, that the Treasury should impose a moratorium on home building. "It sounds like lunacy, but we have to destroy the housing capital stock to help put a floor under the market," he said.

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Local Information for Mystic, CT

Latitude: 41.353548 -- Longitude: -71.962796

Other Area Cities: Groton New London Norwich Mystic Waterford Westerly East Lyme Gales Ferry

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Mystic is a census-designated place (CDP) in New London County, Connecticut, United States. The population was 4,001 at the 2000 census. Historically a leading seaport of the area, the story of the town's nautical connection is told at the Mystic Seaport, the world's largest maritime museum, which has preserved both a number of sailing ships (most notably the whaler Charles W. Morgan) and the seaport buildings ashore. The town is located on the Mystic River, which flows into Long Island Sound, providing access to the sea. The Mystic River Bascule Bridge crosses the river in the center of town. A major New England tourist destination, the town is also home to the Mystic Aquarium & Institute for Exploration, notable for its research department, dedication to marinelife rehabilitation and not captivity, and its popular beluga whales. A tourist area with gift shops and eating establishments lines Main Street on either side of the bascule bridge over the Mystic River. -- Source: Wikipedia.com

Connecticut 2000 Census Population Profile Map

	Mystic	Connecticut	United States
Population	4,001	3,405,565	281,421,906
Median age	43	37.4	35.3
Median age for Male	41.5	36.1	34
Median age for Female	44.7	38.6	36.5
Households	1,797	1,301,670	105,480,101
Household population	3,778	3,297,626	273,643,273
Average household size	2.1	2.53	2.59
Families	996	881,170	71,787,347
Average family size	2.76	3.08	3.14
Housing units	1,988	1,385,975	115,904,641
Occupied units	1,797	1,301,670	105,480,101
Vacant units	191	84,305	10,424,540

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