Delaware Launches Foreclosure Mitigation Initiative

Posted by Orb Staff on June 19, 2009 No Comments
Categories : Mortgage Servicing

ebrate Homeownership Month, Delaware Gov. Jack Markell has announced the Foreclosure Mitigation Initiative. Formed through a partnership among federal and state governments, local jurisdictions, legislators, financial institutions, housing counselors and other for-profit and nonprofit organizations, the initiative consists of three basic ideas: creating connections through a plan of outreach and education among homeowners, housing counselors and servicers before the mortgage is in default and during the foreclosure process; providing tools to help homeowners with emergency financing and long-term solutions; and helping families and communities recover from the effects of foreclosure. "Government works best when agencies work together instead of just staying in their silos," Markell says. "The Delaware Foreclosure Mitigation Initiative is a product of the type of teamwork I want to see more of in state government." The historical average of foreclosure filings in Delaware is approximately 2,000 per year. In 2008, foreclosure filings more than doubled to 4,500. There were more than 1,500 foreclosure filings in the first quarter of 2009, putting Delaware on pace for more than 6,000 this year, the state's department of housing reports. SOURCE: Office of Delaware Gov. Jack

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