Markell Announces Foreclosure Mitigation Initiative and Declares June ‘Homeownership Month’

DOVER, DE – June 17, 2009 – (RealEstateRama) — Gov. Jack Markell today signed a proclamation officially declaring June as “Delaware Homeownership Month”. To help celebrate the First State’s ongoing commitment to homeownership, Governor Markell also announced the Foreclosure Mitigation Initiative – formed through a partnership among federal and state governments, local jurisdictions, legislators, financial institutions, housing counselors, and other for-profit and nonprofit organizations. The Initiative consists of three basic ideas:

1. Create Connections through a comprehensive plan of outreach and education among homeowners, housing counselors and servicers before the mortgage is in default and during the foreclosure process.

2. Provide Tools to help homeowners with emergency financing and long-term solutions.

3. Help Families and Communities Recover from the effects of foreclosure.

Markell said, “In these challenging times, we need to do more to help Delawareans’ protect their most important asset. Government works best when agencies work together instead of just staying in their silos. The Delaware Foreclosure Mitigation Initiative is a product of the type of teamwork I want to see more of in state government.”

DSHA Director Anas Ben Addi stated, “We’d like to thank all of the partners who came to the table to help develop this plan to address the challenge of foreclosures. Unfortunately, the rate of home foreclosures continues to soar. We hope this plan will ensure that families who are facing these stressful situations can access important information early in the process. This is very important because it means they will have more options available to them and get the assistance they need to remain in their homes.”

The historical average of foreclosure filings in Delaware is approximately 2,000 per year. In 2008, foreclosure filings more than doubled to 4,500. There were more than 1,500 foreclosure filings in the first quarter of 2009, putting Delaware on pace for more than 6,000 this year.

Homeowners who are worried about missing a mortgage payment, are facing foreclosure, or who suspect a foreclosure scam are encouraged to call the Attorney General’s Mortgage Hotline at 1-800-220-5424. This hotline serves as a central statewide resource for homeowners who seek information about government programs for homeowners, want to connect with a certified housing counselor, are looking for upcoming housing workshops, and want to report foreclosure scams.

National Homeownership Month began in 1997 as a challenge to increase the number of homeowners throughout the United States. The challenge was made because various studies show that homeownership is a key element in the nation’s economy.

For more information on DSHA’s homeownership programs, visit our website at http://www.destatehousing.com