WaPo: Fewer Mortgages Underwater

According to an article in Washington Post's Where We Live blog today, the number of homeowners currently underwater in their mortgages decreased in the last quarter of 2012. For Montgomery County, the rate is 21.4 percent, compared with 23.9 percent a year ago. That’s better than the national average of 27.5 percent, down from 31.1 percent at the end of 2011.

In August of 2011, I hosted a foreclosure prevention workshop for residents who were struggling to keep up with their mortgage payments. Many of those who attended the workshop found their situation complicated by the fact they were underwater. According to the article, the trend toward freedom from underwater mortgages is expected to continue.

Foreclosure Prevention Workshop

Do you know someone who has lost income due to unemployment or medical problems and has fallen behind on mortgage payments? The Montgomery County Department of Housing and Community Affairs and the Maryland Department of Housing and Community Development will co-host a free workshop on Monday, August 8 from 3 to 8 p.m., to assist those faced with possible mortgage foreclosures. The workshop will take place at the Silver Spring Civic Building, One Veterans Place, Silver Spring. Register now at www.mdhope.org and click on “Attend the Montgomery County EMA Workshop,” or call 410-514-7324.

Foreclosure Show Airing This Week

Watch Council Close Up on County Cable Montgomery this week. My guests and I discuss options for people who are facing foreclosure or who are trying to prevent a financial crisis. Rick Nelson from the Department of Housing and Community Affairs, Phil Robinson from the County’s Advisory Committee on Consumer Protection as well as Henry Williams and Richard Allen from the Southern Christian Leadership Conference join me on the program, The Face of Foreclosure.