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 Norwell, MA

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Norwell was first settled in 1634 as a part of the settlement of Satuit (later Scituate), which encompasses present day Scituate and Norwell. It was officially incorporated in 1849 known as South Scituate. It finally changed its name to Norwell in 1888, named after Henry Norwell, a dry goods merchant who provided funds for the maintenance of the Town roads. Early settlers were attracted to Norwell for agricultural reasons, with the Town later developing a major shipbuilding industry, based on the North River. Shipbuilding was a major industry on the 1700's through the early 1800's. Some of the finest frigates, schooners and merchant vessels to ever sail were produced in Norwell. Today, Norwell is an affluent suburban community with over 10,000 residents and provides modern schools, shopping, churches, libraries, health facilities, a wild life preserve and other support facilities as well as two large industrial parks. -- Source: Wikipedia.com

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