"Loan Mods Agreements"
Foreclosure Prevention and Intervention In Cleveland Frank Ford, Sr. Vice President for Research and Development Neighborhood Progress, Inc. (NPI) COHHIO Conference Presentation April 21, 2009 1. The Foreclosure Landscape in Cleveland and Cuyahoga County 2. What’s Working Well Cuyahoga County Foreclosure Prevention Program – documented success by a 2- year evaluation (Cleveland State University) o 52% Success rate – 1 out of 2 who get counseling get their foreclosure stopped ESOP’s agreements with 12 lenders DTAC Funds State Rescue Funds 3. What’s Not Working 14,000 foreclosures are filed annually, but only 4,000 borrowers are making appointments Thus only 2,000 of 14,000 foreclosures are stopped We need to get better at moving people into our system, and/or We need stronger measures to induce lenders to do loan modification 4. What’s New and Innovative Case Western Reserve University – NEO CANDO data – identify “at-risk” borrowers County-Wide Initiative o Letters to at-risk borrowers from Treasurer Jim Rokakis o Followed by local meetings o Initial success very encouraging Pilot Project in Target Neighborhoods o Target areas = approx. 10 square block areas o A 3-pronged neighborhood stabilization approach in the target areas: Renovation of vacant homes Demolition of vacant homes on the same streets Foreclosure prevention on the same streets o Partners in this initiative include Neighborhood Progress, Inc. (NPI), Cleveland Housing Network, local CDCs, CWRU, ESOP, Ohio Housing Finance Agency. 5. Recent Trends Post foreclosure - bulk sales (dumping) of vacant property to flippers and investors Lenders filing foreclosure…. getting judgment…. but not requesting Sheriff Sale Lenders putting loan mods on hold pending the implementation of the Obama Plan Frank Ford (216) 830-2770 x 218 email@example.com