Advertising To Get Attention Of Repos Victims

Posted on May 20, 2008
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Many house owners struggling with repos are not coming forward to seek help.
The state officials have started advertising to get the attention of these reticent foreclosure victims. On buses and elsewhere billboards are crying out “Mortgage Late? Don’t Wait.” The advertisement slogans will be pasted across Maryland Transit Administration buses and light rail compartments. Per day 240,000 people are expected to be exposed to it.

Governor Martin O’Malley stresses that help is there but the borrowers will have to pick up the phone and ask for it He was speaking at news conference marking the start of the advertisement campaign. He reiterated “about 50% of the people who go through foreclosure never pick up the phone to call and ask for help.” Usually this is because they are ashamed. Many quietly leave the house and walk away. Democrat O’Malley initiated a package of bills in the General Assembly earlier in the year to guarantee more consumer protection in the housing matter. Several refinancing and short-term loan strategies have been chalked out by his administration to help those lagging behind in mortgage payments.

In the forthcoming months spilling over to the next year, foreclosures are apprehended to increase. The officials at all levels – local, state and federal are scrambling to rise to the occasion. They feel that this shortcoming about the house owners not knowing where to turn to has to be made up. The advertisements inform those who call to go through a hot line to be linked to non-profit housing agencies giving advice. In Baltimore city a similar advertisement campaign is being operated. The counselors mediate with the lenders or loan servicers for a viable realistic solution of the mortgage problem.

These efforts on the part of the state to reach out to the foreclosed victims have not been totally successful. It is rather unfortunate that despite all this the majority – about seven out of ten of the borrowers are still roaming in the wilderness. Nevertheless the number on tracks has increased. This increase has been countermanded by a rise in the number of new foreclosures.

In Maryland nearly 13,000 house owners are sitting in some stage of foreclosure. This is the finding at the end of 2007. Swift remedial actions are required to prevent a landslide as new defaulters join the queue. The problem becomes complicated and goes past the helping stage if the borrowers delay matters.

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