YS Home Inc. offers free mortgage workshop

April 12, 2014

YELLOW SPRINGS — Yellow Springs Home, Inc. and Neighborhood Housing Partnership of Greater Springfield will host a free workshop from 6-7:30 p.m. Tuesday, April 15, at the Yellow Springs library, Virginia Hamilton room.

The workshop is free open to the public and will focus on issues related to mortgage affordability, refinancing, asset management, and foreclosure prevention. A top focus of the workshop will be how to register for the mortgage assistance offered through the Ohio Save the Dream Program before the April 30, 2014 deadline. All are welcome to attend, and refreshments will be provided.

“NHP is thrilled to be partnering with YS Home Inc. to offer this Community Mortgage Workshop,” said Kerri Brammer, Homeownership Center Manager. “Our primary mission is to create and preserve homeownership through education and counseling to residents of Clark County and its neighbors.”

The workshop is focused on the housing crisis and resources to help in times of need, though all are encouraged to attend, as mortgage and affordability topics like refinancing will also be covered. There will also be a brief introduction to the Yellow Springs Home, Inc. program. Homeowners will also be given the opportunity to schedule a one-on-one appointment with a HUD-certified housing counselor.

Currently, two properties in the Village of Yellow Springs have already undergone foreclosure since the start of 2014, according to the Greene County Sheriff’s website. RealtyTrac reports that the current Yellow Springs foreclosure rate is closer to 13 foreclosures per year. This figure includes properties in different stages of the foreclosure process (default, auction, or bank owned). Since the spring of 2013, nine properties in Yellow Springs have undergone foreclosure. Eight foreclosures occurred in 2013, the highest rate since 2007.

Stewardship, unique to Community Land Trusts, are post-purchase services and practices designed to help homeowners be successful in building wealth, maintain their homes, and Yellow Springs Home, Inc. sees this community workshop as a step to provide these kinds of services to the broader community.

“When we discovered that the rate of foreclosure in Yellow Springs is relatively high, we knew we had to do something,” Yellow Springs Home, Inc. Executive Director Emily Seibel. “We are happy to partner with NHP to bring their foreclosure prevention and mortgage expertise into our community. We want to make the information accessible to everyone, to show that hope is out there, and those struggling are not alone.”

Over the past year, Home, Inc. staff assisted 14 homeowner households to support asset management and prevent foreclosure. These services fall under the auspices of “stewardship,” an affordable housing industry term unique to Community Land Trusts. Examples of services include: foreclosure prevention advocacy, facilitation of re-sales, home-buyer coaching and education, assistance with accessing resources to maintain home-ownership including financial resources, assistance with refinance, and referrals to programs of benefit such as major repair programs, mortgage payment assistance, and others. The group is also launching a low interest revolving loan fund this year in partnership with the Yellow Springs Credit Union.

Nationally and locally, CLTs continually outperform the market. CLT homeownership not only lessens risk of foreclosure and increases the chances of success among the population most at-risk of losing their homes; it also indirectly prevents costs of foreclosures for neighbors, municipalities, and lenders (Thaden and Rosenberg 2010). CLT homeownership also is more successful at setting homeowners up for success and preventing a return to renting. Home, Inc. has not had a single foreclosure since its founding.

Contact NHP of Greater Springfield or Yellow Springs Home, Inc. to learn more about program offerings, including Ohio Save the Dream program which provides financial assistance to qualified households to cure defaults and reduce mortgage principles. The deadline to register for Save the Dream is April 30.