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Taking on the IE's Foreclosure Crisis
Over the past year, tens of thousands of struggling Inland Empire homeowners have received notices of default – the first step in the foreclosure process – and many others will receive notices this year because they can’t make their mortgage payments for one reason or another. This tide of foreclosures has left many of our neighborhoods peppered with vacant homes, brown lawns, green swimming pools, and other blight.
Buying, repairing and selling these foreclosed homes to owner occupants who can afford them is key to putting our region’s economy back on track, and it is one of the primary goals of the
Inland Empire Economic Recovery Corporation (IEERC). The Corporation is a nonprofit agency that will use a mix of public dollars and private investments to purchase foreclosure properties in bulk. The agency will then contract with local businesses such as plumbers, electricians, real estate agents, etc. to repair and resell the homes to owner occupants. While getting new owners into the glut of foreclosed homes in our region is essential, we also must focus on helping distressed homeowners who can save their homes from foreclosure in the first place.
That’s why IEERC will also be hosting a slate of Home Foreclosure Prevention Seminars throughout the Inland Empire this year with the help of the U.S. Department of Housing and Urban Development (HUD), the County of San Bernardino, and San Bernardino Associated Governments (SANBAG). These seminars provide homeowners with the opportunity to meet one-on-one with their lender or a nonprofit housing counselor and go over their mortgage options. The one-on-one interaction can often encourage better communication between the homeowner and their lender, resulting in the saving of their home.
For more information on the IEERC or for additional information on future IEERC Home Foreclosure Prevention Seminars, please visit www.ieerc.org or call
2-1-1.
Sincerely,
PAUL BIANE
Second District Supervisor
County of San Bernardino
Chairman, IEERC
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