Group looks to help those in foreclosure

Michigan Foreclosure News

Article Abstract: With Flint and Michigan foreclosures on the rise, a national organization plans to reach out to those homeowners facing foreclosure in flint and throughout Michigan.  Those reaching out plan to offer financial counseling, credit reports and financial advice as to ways to prevent foreclosure.  For the full Michigan foreclosure article, please continue reading below:

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FLINT - A community organization is trying to tackle the area's foreclosure problem one homeowner at a time.

ACORN is launching a national campaign that includes a local effort to track down more than 500 Flint-area residents who are in foreclosure, at risk of going into foreclosure or subjects of "predatory loans," such as those with balloon interest rates, said Lisia Williams, organizer of Flint's ACORN chapter.

ACORN stands for the Association of Community Organizations for Reform Now.

During a news conference Tuesday in Flint, Williams said the state ACORN chapter has sent her a list of more than 500 Flint-area families that she's calling to inform them about ACORN's efforts to help with their financial situation.

She also plans to go door to door to offer assistance, which includes free credit reports and financial counseling. The program is geared toward low- to moderate-income families, Williams said.

Erica Taylor, 28, of Flint, who is looking to buy a home for herself and three children, has sought ACORN's help.

Taylor said she was concerned about the mortgage process and reports of loans that could put her in deep financial debt.

"I never tried to buy a house because I heard it's hard for a younger person to get a home because you get a lot of run-around," Taylor said.

Another Flint woman ACORN is helping, who asked not to be identified, said she is at risk of losing her home to foreclosure after getting a loan she admits she didn't understand. She said the person who made the loan did a poor job explaining it.

Williams said ACORN will try to help and educate both women along with other people who request assistance.

ACORN's sister agency, ACORN Housing, last year helped more than 4,800 families work out repayment plans, loan modifications, refinances and partial claims, allowing families to keep the equity they've built in their homes, according to a news release from the organization.

Article Source http://www.mlive.com/business/fljournal/index.ssf?/base/business-4/1177514552235210.xml&coll=5