Housing Newsroom
Louisville Foreclosure Prevention Initiative Aims to Help Residents Keep Homes
Monday February 18, 2008
Mayor Jerry Abramson today announced a new effort to reduce home foreclosure and its impact on Louisville’s neighborhoods and economy.
"The dramatic rise in foreclosures that we’re seeing locally and throughout the nation not only hurts individual families, it hurts neighborhoods and our entire community," Abramson said.
The Louisville Foreclosure Prevention 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."
"What we’ve discovered is that many foreclosures can be avoided – or at least the damage of foreclosures lessened – by connecting homeowners-in-crisis with their lenders and financial counselors," said Abramson.
Studies show that up to half of foreclosures involve homeowners who didn’t talk to their lenders about their financial problems.
One of the key tools in the new program is Metro United Way’s social services hotline – 2-1-1 – which will help connect those in danger of foreclosure to counseling and other resources.
"Of course, the first call homeowners should make is to their lender," Abramson added. "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. Those answering the phones at 2-1-1 will refer callers to housing counselors from the Louisville Urban League and Housing Partnership, Inc.
Abramson announced he has also committed four Louisville Metro Government employees to aid those counseling agencies in their efforts.
The beginning of the counseling effort is expected to draw a great deal of interest. That’s why Metro Government has pulled in a team of volunteers to staff the phones and provide immediate counseling help for two evenings this week. Concerned homeowners can call this Wednesday and Thursday, February 20 and 21, from 4 until 9 p.m.
Abramson added that additional steps to reduce home foreclosure will be taken in the near future. More information and resources are available at www.louisvilleky.gov/foreclosure.