Wednesday February 27, 2008

FOR IMMEDIATE RELEASE:
Contact: Matt Stull
Louisville Metro Government
(502) 574-6712


Louisville Foreclosure Prevention Initiative
Helps Hundreds in First Week
More than 1,100 homeowners have called 2-1-1

Mayor Jerry Abramson’s effort to reduce home foreclosure and its impact on Louisville’s neighborhoods and economy is already showing signs of success.

In a little more than one week since the announcement of the Louisville Foreclosure Prevention initiative, Metro United Way 2-1-1 counselors have taken more than 1,100 calls from people needing assistance.

Those homeowners are being referred to mortgage counselors from the Louisville Urban League and the Housing Partnership, Inc. for more intensive help.

Studies show that up to half of foreclosures involve homeowners who didn’t talk to their lenders about their financial problems.

“Of course, the first call homeowners should make is to their lender,” Abramson said. “But if homeowners don’t feel comfortable talking to them then 2-1-1 is the number to call.”

The number is available 24 hours a day, seven days a week.

The foreclosure initiative is a partnership with non-profit organizations, banks and real-estate professionals that includes counseling for hundreds of homeowners and financial assistance for a limited number. The main message from the initiative’s partners is: “Don’t wait until it’s too late.”

Mayor Abramson has also committed four Louisville Metro Government employees to aid those counseling agencies in their efforts.

More information and resources are available at www.louisvilleky.gov/foreclosure.


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