CINCINNATI -- If anyone needs proof that foreclosure remains a problem in Greater Cincinnati, all they need to do is check out the third Foreclosure Prevention Phone-A-Thon.
The three-day event began Wednesday morning at 6 a.m. and the number of homeowners seeking help quickly soared to 100 calls per hour.
The type of caller has changed from prior phone-a-thons, according to Lakicia Roseman, Foreclosure Prevention Program Manager with the Home Ownership Center of Greater Cincinnati.
"In the past it was almost always adjustable rate or high-interest rate loans where the payment changed substantially and the client couldn't keep up with it," she said between calls in the phone/computer bank at the CET Studios in the West end. "Now, what we're seeing is people getting laid off or their job has just completely cut their hours."
Roseman added that callers are interested in maintaining home ownership, but need help in working out a loan modification plan to meet their budget.
For the first time, housing counselors are inputting caller information directly into computers. In prior phone-a-thons, the information was written out by hand.
Home Ownership Center President/CEO Rick Williams says that will cut response time considerably.
"In the manual process, it can take six to nine months for the final decision," Williams said. "We think we can cut that back to maybe 30 to 40 days."
Participating lenders will schedule face-to-face meetings with clients later this year to work out new terms.
For people whose mortgage is not with a participating lender, foreclosure prevention seminars will be scheduled with the Home Ownership Center.
Callers need to have the the name of their mortgage company, their loan number, whether it's a fixed or adjustable rate and if it's an FHA, conventional or some other type of loan.
The number to call for assistance is 1-877-7-BUZZ-US (289987).
