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s p e d a i E dition _________________________
APfl12-2008
Mortgage Payments Become Financial Priority
Guarding against foreclosure
H om eow ners are facing a m ort­
gage crisis. T he num ber o f foreclo­
sures nationw ide has risen steadily
in the past year and will continue to
grow as more and more homeowners
find them selves unable to keep up
with their paym ents. O ne culprit is
the adjustable-rate m ortgages. As
rates change, hom eow ners can be
responsible for hundreds o f dollars
more each m onth tacked on to their
paym ent.
W hen hom eow ners c a n 't keep
up with their paym ents, they risk
losing their greatest asset - their
home. And chances are. if many are
struggling to cover the m ortgage
payment, other financial obligations
such as car paym ents, household
utilities and credit-card debt aren't
getting any attention either. So what
starts out as one m issed or late
paym ent can quickly turn into a
financial disaster.
“As more and more homeowners
struggle to meet their mortgage
paym ents, it’s m ore im portant than
ever to understand that there are
ways to protect your hom e," said
Ann Estes, vice president o f client
education at C learPoint Financial
Solutions. "A voiding foreclosure
is not im possible, but it does re­
quire the hom eow ner to be proac­
tive, determ ined and honest about
their financial obligations.”
Foreclosure occurs when a prop­
erty ow ner cannot make principal
and/or interest paym ents on their
m ortgage loan, typically leading to
the property being seized and sold.
G enerally, after months o f non-pay­
ment, discussion o f foreclosure will
begin. At that tim e, the property
ow ner then becom es responsible
for any delinquent paym ents as
well as the current paym ent due.
Generally afterah alf year of non­
paym ent, foreclosure proceedings
have been com pleted and the co n ­
sum er has lost their home. When
this happens, they are deem ed an
extrem e credit risk, their score will
drop dram atically, and the ability to Signs of struggling families and
obtain and m aintain future good
“It is a m ajor blow to a consum er's
credit becom es very difficult.
“From a credit report and per­ financial health and can carry more
sonal finance standpoint, foreclo­ severe financial repercussions than
sure is the worst thing than can even bankruptcy.”
There are several w arning signs
happen loan individual," said Estes.
Gresham Inspects Rental Housing
Gresham has a new law requiring the in­
spection of rental housing units.
Violations found in one unit of a multi-unit
complex will trigger additional inspections on
the same property. Conditions that do not
reach basic habitability standards will be given
a higher priority and more severe sanctions if
not addressed.
A complaint-driven component is part of the
new program with the highest possible protec­
tions for those reporting the violations.
The program is funded from an existing $25
flat rate per unit rental license fee.
Gresham has started a database of rental
condition complaints andcreated several tools
on its website, which includes a tenant re­
source page and information on how to file
complaints.
foreclosure are everywhere in this downturning economy.
to determine if you are headed down
a road from w hich you cannot re­
turn. W atch out if you are consis­
tently paying on the grace period
day or waiting until the end o f the
m onth to m ake a paym ent by phone
to avoid late charges, making m ort­
gage paym ents 10 or more days late
on a regular basis, or relying more
and more on credit cards or cash
advances and payday loans for
daily living expenses.
Be honest. Ask yourself, “Can I
really afford my hom e?” If your
m onthly m ortgage paym ent ex ­
ceeds 25 to 30 percent o f your in­
com e, it may be tim e to think about
selling the house and getting out
from under the loan.
Call the mortgage com pany. A
phone call to the mortgage lender
to explain your current hardship
can go a long way. Y ourlenderm ay
be w illing to work with you on a
tem porary basis until you get back
on your feet financially by waiving
late fees, accepting partial payments
or extending your paym ent dead­
line. M ortgage com panies would
rather see hom eow ners retain the
hom e than have to take the pay­
ments over themselves.
Seek professional assistance.
Listen to an unbiased source. There
are professional organizations out
there w hich can assist you to un­
derstand the entirety of your situ­
ation. Check with the Better Busi­
ness Bureau for a list o f nonprofit
cred it-co u n se lin g o rg an izatio n s
able to help to understand your
o p tio n s h e lp y o u d e te r m in e
w hether refinancing is necessary.
Hidden History Explored
Panel addresses
housing
discrimination
T h e F air H ousing C ouncil o f
O reg o n w ill ex p lo re P o rtla n d 's
h idden h isto ry o f hou sin g d is­
crim in atio n and find o ut the lat­
est on fair ho u sin g ch allen g es in
O reg o n to d ay d u rin g a special
ev en t th is m onth.
“ F asten Y our Seat B elts-It’s
Been a Bum py R ide," w ill feature
a lively bus tour o f lo catio n s o f
d iscrim in ato ry h istory, a panel o f
ex p erts ad d ressin g hou sin g d is­
crim in atio n today and a p e rfo r­
m ance
by
th e
d y n a m ic
S erm o n ettes G o sp el S ingers.
T he April event will be at the
A m bridge Event C enter in north­
east Portland, from 8:30 a.m . until
2:30 pm. A dvance-registration is
required by April 14. T o obtain
registration inform ation, contact
reg istratio n @ fh co .o rg o r D iane
Hess at 503-412-6000.
The Fair H ousing Council o f
O regon is a nonprofit organization,
w hich enforces federal, state and
local laws prohibiting housing dis­
crim ination. These laws protect
renters and hom e buyers from dis­
crim ination based on race, color,
religion, national origin, gender,
fam ilial statu s, d isa b ility , source
o f incom e, m arital statu s, sexual
o rien tatio n and age. T he council
also ed u cates ten an ts, ho u sin g
p ro v id e rs, a d v o c a te s, g o v e r n ­
m en ts and c o m m u n ity g ro u p s
about fair hou sin g rig h ts an d re ­
sp o n sib ilitie s and resp o n d s to
co m p lain ts from in d iv id u als w ho
believe th ey gave been d isc rim i­
nated against.
Metro Looks for Neighborhood Projects
Two, three and four bedroom floor plans ranging from $196,000 to $243,000.
Located on NE Killingsworth and 64th,
Up to $5,000 in closing cost assistance
All HOST Homes at Helensview include front yard
landscaping, kitchen appliances, gas fireplaces,
tankless water heaters, window blinds, designed
for LEED certification, ten year limited warranty,
insulated vinyl windows and much more.
Alyssa Isenstein Krueger
www.hostdevelopment.com
HOST
Home Ownershi
a Street at a Time
503-724-6933
CCB# 71658
y
land. “We look for initiatives that reflect
Som e public m onies are available to
thoughtful research, help strengthen the
help local neighborhoods in north P ort­
com m unity, involve residents and d e­
land.
liver results.”
M e tro ’s co m m u n ity g ran t program
According to Burkholder, M etro’s
has been used to co o rd in a te food-
program also supports projects that build
d istrib u tio n p ro g ram s, o ffe r n u tritio n
on the legacy o f the com m unity, its
ed u catio n and co m p u ter classes, o p ­
unique blend o f needs and neighbor­
erate h ealth care clin ics, a to o l-le n d ­
hood activism. “O ur funds help maintain
ing lib rary , and free co n certs in local
a
proud history,” he said.
p ark s.
M etrooffers first-time applicants help
A bout $60,000 is currently available
at
a
free gran t- wri t i ng work shop from 7 to
for projects that benefit residents of
9
p.m.
T uesday, April 15 at the Historic
A rbor Lodge, Cathedral Park. Kenton,
Rex
Burkholder
Kenton
Firehouse, 8105 N. Brandon Ave.
O verlook, Portsmouth, St. Johns and
The
session
will include tips and practi­
U niversity Park neighborhoods.
cal
advice,
time
to
network
and more. Reservations are
“W e’re not afraid to fund innovative and bold
ideas,” said M etro C ouncilor Rex Burkholder, who requested.
For more inform ation, contact Karen Blauerat5O3-
chairs a seven-m em ber grant selection com m ittee and
w hose district includes north and northw est Port- 7 9 7 -1506 ore-m ail blauerk@ m etro.dst.or.us.
Portland Community Reinvestment Initiatives, Inc.
PCRfl
“Meeting the Affordable Housing
Needs in the Community for 15 A ears”
Our mission is “to preserve, expand and manage affordable housing in
the City of Portland and provide access to and advocacy for services to
our residents.” For more than 15 years, PCRI has worked to expand
housing opportunities for individuals and families living in this com­
munity. We currently own more than 730 units of affordable housing,
primarily scattered site, single family homes. We rent one, two, three
and four bedroom houses and apartments. For more information please
call (503) 288-2923 or stop by our office located at 6329 NE Martin
Luther King Jr. Blvd. Visit our website at www.pcrihome.org.