Information About Innovation:
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| Title: | Foreclosure Prevention/Predatory Lending Workgroup in Rhode Island |
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| Summary: | In an effort to best serve clients who are facing foreclosure and/or predatory lending practices, the Housing Network of Rhode Island established a workgroup that meets monthly in order to investigate and find solutions for these complex cases. The group consists of housing counselors, credit counselors, attorneys and advocates. In just a few months of work, almost a dozen foreclosures have been prevented. |
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| Detailed Description: | As a result of nearly daily inquires from the Network’s housing counselors relating to foreclosure prevention and/or predatory lending, a workgroup was formed. The workgroup meets monthly. The workgroup is made up of housing counselors, credit counselors, Legal Services attorneys and housing advocates.
At each meeting the members present cases that they are finding problematic. The group then discusses areas of further investigation, next steps and permanent solutions.
The group approach allows professionals with differing levels of expertise to work as a team. The group is able to dissect a case to make recommendations on legal remedies, product solutions and credit or budgeting counseling advice.
We have found that over the past six months that not only have we been able to assist clients who were in complex situations, but, the housing counselors have recognized a higher level of competency and comfort with foreclosure prevention and predatory lending cases.
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| Projected Cost: | The workgroup project is highly cost effective as it borrows resources in the way of staff time from other projects that share the same mission. The projected yearly cost is $1,500, which includes copying, phone, email and meeting snacks. |
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| 2003 Outcomes: | This initiative began in January 2004. To date the group has meet six times and a total of fourteen cases were presented. Of the fourteen, two clients opted not to continue working with the counselor; one client’s house was foreclosed on with an investigation pending with the state Department of Business Regulation; seven clients successfully refinanced and four clients cases are on-going. |
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| Keywords: | Foreclosure, Post-purchase, Predatory Lending |
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Information About Organization:
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| Name: | Housing Network of Rhode Island |
| Address 1: | 48 Nashua Street |
| City, State, Zip: | Providence, Rhode Island 02904 |
| Org. Status: | 501c3 Non-Profit |
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| Contact Name: | Carrie Zaslow |
| Contact E-mail: | czaslow@housingnetworkri.org |
| Contact Phone: | 401-521-1461 |
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