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 Brighton, MI

Latitude: 42.526576 -- Longitude: -83.783835

Other Area Cities: Brighton Ann Arbor Whitmore Lake Hartland Howell Milford Highland Park

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Brighton is a city in Livingston County, the fastest growing county in the U.S. state of Michigan. As of the 2000 census, the city population was 6,701. Brighton incorporates land that had formerly been parts of Brighton Township, Green Oak Township, and Genoa Township. Although the municipal boundaries do not include any of Hamburg Township, it is considered to be part of the greater Brighton area. The City of Brighton's Wastewater Treatment Plant facility is located in Hamburg Township and services not only the City of Brighton, but also parts of Genoa, Brighton, and Hamburg Township. -- Source: Wikipedia.com

Michigan 2000 Census Population Profile Map

	Brighton	Michigan	United States
Population	6,701	9,938,444	281,421,906
Median age	37.4	35.5	35.3
Median age for Male	34.8	34.3	34
Median age for Female	39.9	36.6	36.5
Households	3,103	3,785,661	105,480,101
Household population	6,657	9,688,555	273,643,273
Average household size	2.15	2.56	2.59
Families	1,748	2,575,699	71,787,347
Average family size	2.87	3.1	3.14
Housing units	3,241	4,234,279	115,904,641
Occupied units	3,103	3,785,661	105,480,101
Vacant units	138	448,618	10,424,540

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