Foreclosures Still Rock RI Each Month
Monday, December 26, 2011
Rhode Island had the 21st highest foreclosure rate in the country in October, according to the latest report issued National Association of Real Estate Editors.
More than 500 homes entered the foreclosure process during the month, a rate of 1.18 per 1,000 housing units. The rate reflects a nearly 21 percent decrease compared to the previous year, but is still higher than every New England state except New Hampshire.
In Connecticut, the rate is .89 and in Massachusetts, the rate is 1.11. Vermont, which has the lowest foreclosure rate in the country, checks in at .08. Nevada, California, Arizona, Florida and Michigan topped the list of foreclosure rates across the country during the month.
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And while foreclosure numbers may not be as high as they have been in recent years, the report noted that October actually saw an increase in foreclosures across the country.
“Foreclosure filings were reported on 230,678 U.S. properties in October, a 7 percent increase from the previous month, but still down nearly 31 percent from October 2010, according to the RealtyTrac U.S. Foreclosure Market ReportTM,” the report said. “The report also shows one in every 563 U.S. housing units with a foreclosure filing during the month.”
Locally, housing advocates say the state is still facing a serious problem, with about 9,000 foreclosures initiated in 2011. But state lawmakers are now urging homeowners to learn more about the Hardest Hit Fund Rhode Island (HHFRI), a foreclosure-prevention program that has saved hundreds of homes in recent years.
The next HHFRI meeting will be held on Monday, Jan. 9, at 6 p.m. at the Coventry Town Hall Auditorium, 1675 Flat River Road.
New Criteria Makes It Easier to Qualify
The legislators are encouraging homeowners to attend the meeting as the latest changes to HHFRI have made it easier for those Rhode Islanders having difficulty making mortgage payments to get assistance. Among the new criteria, homeowners who are unemployed and believe they may qualify can now contact the HHFRI Center directly as opposed to going through a counselor at the Department of Housing and Urban Development.
Other changes to the program include that homeowners who own more than one property can qualify for this assistance. (The requirement that homeowners could not own other property has been eliminated.)The amount families can have in savings and still qualify for assistance has been increased to $15,000. (You can have any amount in a retirement account such as a 401k or an IRA.)
“With these adjustments HHFRI will be able to bring relief to more Rhode Islanders and keep them in their homes," said Richard Godfrey, executive director of Rhode Island Housing. “The purpose of this program is to prevent foreclosures and stabilize the housing market by helping homeowners make mortgage payments.”
Who Qualifies?
Struggling homeowners may qualify for this program if they have a documented financial hardship such as a sudden loss of a job, underemployment, unforeseen medical expenses, and disability of a family’s key wage-earner or costly home repairs as a result of the flooding in Rhode Island during the spring of 2010. Also, members of the U.S. Armed Forces who have experienced a drop in income due to deployment are qualified for assistance.
The U.S. Treasury has made available to Rhode Islanders $80 million to help those at risk of losing their homes. Rhode Island Housing has been designated by the Treasury to oversee the funds. The agency will be processing, approving and administering the submissions from lenders, servicers and specially trained HHFRI certified counselors.
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