HousingPolicy.org Forum

Thursday, January 26 - Live at the Forum Webinar
Where Do Families Go After Foreclosure?

On Thursday, January 26 at 2:00 p.m. EST/11:00 a.m. PST Jennifer Comey of the Urban Institute; Ingrid Gould Ellen of New York University and Mathew Kachura of the University of Baltimore highlighted a recent Urban Institute report on the impact of foreclosure on residential stability. The researchers presented on studies from Baltimore, New York City and Washington, D.C. and the similarities and differences that emerged in where families go after foreclosure.  They also highlighted the policy implications of their findings.  

 

Access materials from the webinar:

  • Download the PowerPoint slides
  • Download the recording of the webinar (please note the file is large and it may be quicker to save to your desktop before opening)
  • Click here to read  about the studies that were featured during this webinar.
  • Click here to access the study, The Foreclosure Crisis and Children: A Three-City Study, presented on during this webinar.

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An question from a webinar attendee:  Could you point to  studies that specifically address performance tied to frequent school moves?

A question from a webinar attendee:  I believe there are foreclosure mediation programs in DC, Maryland and NY.  What is and is not working about these programs? Have you made information on changing schools available to families through the foreclosure mediation process and if so, how?

I can say a bit about this for the DC mediation program. This was put into place late last year, but has been slow getting off of the ground. To date, only about 10 homeowners have gone through mediation, so there's not enough to judge results yet.

The main effect so far has been to slow down the foreclosure process. Servicers can't start a foreclosure proceeding until the mediation law's requirements are completed, but there have been very few new foreclosure filings recently because the processes were not in place. If the slowdown helps homeowners by giving them more time to work out their problems, that's great. But if it is just delaying the inevitable, that might not be beneficial.

The key issues going forward will be getting a high level of participation in the program and ensuring that homeowners are prepared for mediation. DC's program, like many others, is "opt-in," meaning that homeowners need to request mediation. So, they need to be informed that the program exists and understand how it can help them. Second, a mediation session is just an opportunity to negotiate face-to-face with your servicer. A homeowner still needs to present the best case possible for getting assistance, such as a loan modification. That means being prepared. A housing counselor can help homeowners prepare for mediation, so making sure that counseling organizations have sufficient capacity is crucial.

To answer the second part of your question, I'm unaware whether information on changing schools is being provided as part of the mediation process, but that's certainly something we ought to look at.

A question from a webinar attendee: In a non-judicial state like DC, what's the best way/public data source to find out when a building or home is at risk of being foreclosured?

A question from a webinar attendee: Have any of the researchers looked into the question of where families move after foreclosure in terms of rental, homeless shelter, or living with family/friends?

A comment from a webinar attendee: This may seem like an unlikely linkbased on the nature of this topic, but cities and county have disaster preparedness plans… in the same way, these organizations should have housing market collapse--economic disaster preparedness plan.  The point is, cities should be prepared to face detrimental externalities from free market practices, not only in terms of maintaining infrastructure and providing services, but to retain communities’ social cohesion.

A question from a webinar attendee: How were student numbers included in data sets, identified or confirmed as those involved in foreclosures (i.e. student mobility was not a result of other circumstances) ?

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