Flint, Michigan, Foreclosure Rates on the Rise yet Again

Last year, the houses on the market in Flint, Mich. were around 7,000. Today, there are close to 8,000. In a better economy, Flint only had 4,500 properties for sale. What is causing the rise? For some, it's just getting out of town, but for many others it's because of foreclosure.

Every month, Salem Housing conducts a regular Saturday seminar where homeowners can receive guidance and sometimes financial aid for housing needs.

This past seminar only had two people show up, but the calls continue to pour in.

"The day after we had our monthly seminar, we received seven calls the very next day asking questions about foreclosures," says Janet Richards.

"Normally in a week we get about 15 calls," she continues.

Salem Housing rehabs houses with the help of volunteers. It provides homeowners an array of services. The establishment reflects the market both locally and across the U.S.

Last week, a new agency consisting of people from all corners of the housing market including appraisers, landlords, and builders reported that about 38% of the houses on the market in the greater Flint area are due to foreclosures.

Janet says the sooner that homeowners get involved when faced with a foreclosure the better.

"If you talk with the lender here, it's possible he's able to offer a few choices in order to save the home. A payment plan is put together from there."

Homeowners who refinance with firms that aren't as reputable could run into problems as they're tougher about loans.

"If you come in to talk to our lender, it's a good idea to bring another person along with you so you can make sure everything necessary is asked," Janet stressed.

Richards spent over two hours giving Kerri Roberts information on housing. She would like to update her house and turn it into a place for people to go in need.
She carefully explained to her about debts and credit scores and reporting. If a mortgage is feasible, it's the most popular and best way to finance a home as long as it comes from a trusted lender. Buying a house is not an easy and quick process.

Roberts is trying to keep the house she has refinanced after spending a lifetime getting to where she is in life at 52 years old.

"It's not easy. When you have to walk away, it's not an easy thing to do."

However, after hours of discussing housing and taking notes, she said she is glad she came. Another seminar is scheduled for November 29^th at 6 p.m. sponsored by Salem Housing