Heights homes risk foreclosure
The organization took information provided by a title company database to create a list of all adjustable rate mortgage loans in Cuyahoga County that would reset to a higher rate between July 2008 and August 2010. Over 1,000 of these loans are on homes in Cleveland Heights and University Heights, according to the database. Historically, these types of loans have a much higher foreclosure rate, as homeowners often default after the loan resets and payments increase.Paul Bellamy of the Cuyahoga County Foreclosure Prevention Program says that homeowners often wait until very late in the process to take action but are better off taking action “sooner rather than later.”
Homeowners can be referred to one of four nonprofit agencies that will contact the company servicing the mortgage. Bellamy says that these agencies “have had success in preventing a rate increase for a set period of time or in forgoing a rate increase altogether, depending on the situation.” Residents can call the Cuyahoga County Foreclosure Prevention Program/First Call for Help at 216-436-2000. Heights residents can also contact the Home Repair Resource Center on Noble Road at 216-381-6100,
Bill Kushner, formerly of Los Angeles, CA, has lived in Cleveland Heights with his wife and six children for the last 20 years.