Foreclosure - A dirty 11 letter word that you’ve seen in the paper, on television & heard on the radio. A drive through many a Detroit neighborhood will show you its latest accessory – for sale & foreclosure signs… but there is help in 2008.

The Ad Council

Many organizations like the Ad Council are addressing this issue with a series of public service announcements to raise awareness about foreclosures that are a very serious problem in our region. They’re estimating that a staggering one million families will face foreclosure in 2008. Not only do foreclosures have a disastrous financial impact on a family, but they also have harsh consequences for entire communities.


The Ad Council’s campaign strives to reach the roughly 50% of delinquent borrowers that avoid contact with their lenders and encourage them to call 888-995-HOPE for guidance. You’ll find quality counseling and financial advice from a trusted, third-party nonprofit on the opportunities that are available to you to avoid foreclosure.


The Kresge Grant in Detroit

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Southwest Housing Solutions’ Housing Opportunity Center has been awarded a $500,000 grant from The Kresge Foundation to expand its counseling services that have been effective in helping many Detroit homeowners avoid foreclosure and remain in their homes.

The Kresge Foundation is a private foundation that supports communities by building the capacity of nonprofit organizations in six particular fields of interest: health, the environment, arts and culture, education, human services and community development.

The Kresge grant to the Housing Opportunity Center is part of The Foundation’s Detroit Program. This program is a multi-year five-part strategy to contribute to the long-term health and stability of the Detroit region by strengthening neighborhoods, promoting economic development, advancing arts and culture, investing in downtown revitalization and enhancing the region’s environmental and natural resources.

The grant will enable Southwest Housing Solutions’ Housing Opportunity Center to hire additional foreclosure prevention counselors who work with homeowners and lenders to renegotiate mortgages into more manageable rates, fees and terms.

Based upon its experience and research, Southwest Solutions estimates that the Kresge grant to the Housing Opportunity Center will allow at least 850 Detroit homeowners to stay in their homes and will preserve $75 million in residential real estate in the city. It’s a significant investment for the health and revitalization of our city that is facing a tremendous threat by this growing foreclosure crisis.


About the Housing Opportunity Center

The Housing Opportunity Center (HOC) began in 2004 to promote homeownership and financial literacy in the community. HOC’s professional counselors provide financial fitness and credit counseling, homebuyer education, home repair loan applications and foreclosure prevention counseling. In the past three months, the HOC has counseled hundreds of homeowners who were facing foreclosure and has helped 60 families keep their homes.

“We are often the last hope for families in foreclosure,” said Nina Rodriguez, director of the Housing Opportunity Center. “These families are dealing with escalated interest rates from subprime loans or economic hardships that have made it difficult for them to make their mortgage payments. We work closely with homeowners and lenders to find solutions that are good for families, lenders and the community.”

For more information you can contact Southwest Solutions’ Housing Opportunity Center which is located at 1920 25th Street, Detroit, MI, 48216. Their telephone number is 313.841.9641.


The bottom line: Everyone loses when homeowners foreclose, just as everyone wins when communities are home to vital, healthy neighborhoods.