Bankruptcy

The Face of Foreclosure

By meaghano

In Florida, the state Association of Realtors hopes to bring about change in public policy regarding foreclosures by giving a human face to the concept, highlighting the individuals who have lost the homes that are now back on the market at depressed prices.

The agency has started a Web site: Faces of Foreclosure.

The site strives to collect information from those individuals caught up in the personal crisis that is home loss.

Hopes for Advocacy

The group hopes that the information collected on their Web site will ?provide the building blocks for strong advocacy and ultimately, good public policy as it relates to the housing market in all its facets,? according to a statement from the agency as reported by the Bradenton Herald.

The site asks foreclosure victims questions that include what type of home they owned, the  size, their experience working with their lenders and what factors contributed to the eventual loss of their homes.

It’s the Right Time to Focus on Foreclosure

Foreclosures in the area around Bradenton, Florida are comfortably on their way to smashing the record, set last year, so there are plenty of stories to chronicle.

Mary Aston, a local realtor, believes the idea may help prevent another crisis like the one the area is currently experiencing.

?We still have foreclosures coming in, and I really do think if the data will help fix the system, then it?s never too late,? Aston says.

?Maybe it will prevent similar mistakes from being made in the future or maybe it will help people now who are trying to avoid foreclosure.

Long Overdue

Other Realtors feel the data collection is overdue.

?I feel like we?re way behind,? says Kathy Marlowe. ?We should have been collecting data two years ago.?

Marlowe doubts the project will help as much as its planners intend. ?How can you help people avoid foreclosure when they owe $300,000 on a mortgage on a home that?s worth only $175,000? Why would they even want to stay in that house??

A spokeswoman for the Florida Association of Realtors, Marla Martin, says the study will provide more information than standard foreclosure and bankruptcy numbers services provide.

?They don?t tell you a lot about who?s going through it,? she told the paper.

?It seems like it?s better to have all the information you can gather out of the problem itself if you want to find a workable solution or at least some answers.?

Increased Foreclosure Awareness

The project has received a $97,000 grant from the National Association of Realtors to assist with foreclosure prevention and promote foreclosure prevention awareness.

The organization has furthered the initiative by purchasing statewide radio spots to inform the public of their project.

Another area realtor, Greg Owens, feels that the project will have a positive impact if the information obtained is used to lobby legislators.

?I feel that to give this a human face may change public policy in the future in order to avoid this situation again. I believe we could have avoided these massive failures and kept a lot of these people in their homes.

And frankly, that is going to take a lot of changes to avoid this happening in the future.?

Source: Bradenton Herald

Full post as published by The Bankruptcy Blog on July 18, 2009 (boomark / email).