Foreclosures in Alabama are up 30% compared to last year - according to Realty Trac Incorporated. Monday night, community leaders in East Birmingham kicked off the first of 6 workshops designed to teach people how to save their homes.
Counselors from Neighborhood Housing Services are telling folks facing foreclosure that there is help and there are options.
"We can step in and negotiate with the lender. We can ask them for a myriad of things," says John Colon, a counselor with neighborhood Housing Services.
Neighborhood housing services is a counseling agency with an 85% success rate of re-negotiating shaky mortgages. The non profit agency specializes in loan modifications that can change mortgage rates, move an adjustable rate mortgage to a fixed rate or handle past due balances.
"I didn't know they existed. Everybody we speak to - the first thing out of their mouth is 'Who?' and 'What do they do?' and 'How much is it going to cost me?'" says Linda Allen, a community organizer.
Allen says she's thrilled to have found this free counseling service. She's desperate to help slow the rising foreclosure rate in East Birmingham.
"Center Point and East Lake are two of the hot spots," says Allen.
This foreclosure crisis is also affecting homeowners who aren't having trouble with their monthly payments. Housing experts say every foreclosed home brings down the value of other homes in the area by one percent.
"Imagine if you're in an area with 5 or 6 home foreclosures - that's 6% off your property's value. That's a lot of money," says Colon.
At a time when more than ever, every penny counts.
To reach Neighborhood Housing Services, call (205) 328-4292 or go to http://www.nhsaonline.org/.
You can also attend one of these free workshops:
Wednesday, October 8, 10:00 a.m. Cathedral of the Cross
Thursday, October 9, 6:00 New Pilgrim Baptist Church in Titusville
Monday, October 13, 6:00 Bryan Chapel A.M.E. Church in Southwest Birmingham
Monday, November 3, 6:00 Guiding Light Baptist Church near the race track
Thursday, November 13 6:00 Eastwood Library
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