Saturday, June 30, 2007
The official said banks can work with individuals.
By D.A. WILKINSON
VINDICATOR SALEM BUREAU
LISBON — Columbiana County Treasurer Nick Barborak thinks education can help prevent some home foreclosures.
He announced Friday that he has formed a local Save Our Homes Task Force.
It will comprise community leaders and individuals from the county.
The task force will have educational seminars, share ideas and identify resources about ways to save homes from foreclosure.
The treasurer said that by educating people and providing them with crucial information, many foreclosures can be prevented.
“Sometimes it is as simple as picking up the phone and making contact with your lender. The trick is to know which individuals and departments within the lending institution to speak to,” he said.
The county had 530 foreclosures in 2006 and 518 in 2005.
Barborak has been in contact with Ohio Treasurer Richard Cordray, who voiced concerns about the problem earlier this year.
Predatory lending problems
Ohio is first in the nation in home foreclosures. Cordray has said part of the problem has been predatory lending. Predatory lending is any of a number of fraudulent, deceptive, discriminatory or unfavorable lending practices.
Cordray also serves on the education and outreach committee of Gov. Ted Strickland’s foreclosure task force.
“I don’t think anyone benefits when someone goes into foreclosure,” Barborak said.
When a home goes into foreclosure, often the residents continue living there for some time as the case makes its way through the court system.
Barborak said that if people call the collections department at a bank, the collections department will want money. But if the homeowner calls the mitigation department, he or she may get relief.
Barborak said, for example, if a person is six months behind on payments, a bank can simply add the delinquent payments at the end of the loan rather than demanding double payments.
For more information, call Barborak at (330) 424-9514.
wilkinson@vindy.com