Virginia Foreclosure Prevention Task Force
by admin ~ October 25th, 2008.Governor Tim Kaine announced the creation of the Virginia Foreclosure Prevention Task Force at the Governor’s Housing Conference. This foreclosure crisis has devastated the housing market in Virginia, Maryland and Washington DC. More and more homeowners are requesting loan modification agreements with lower mortgage rates and improved amortization schedules.
The Foreclosure Prevention Task Force, chaired by Secretary of Commerce and Trade Patrick O. Gottschalk, is charged with developing strategies to help address Virginia’s growing foreclosure rate through recommendations aimed at protecting and preserving homeownership with foreclosure prevention programs for Virginia’s working families and communities.
Increasing foreclosure rates not only negatively impact the individuals and families involved through home loss, related financial devastation, and family disruption – but increasingly have a correspondingly negative impact on communities. Increasing foreclosure rates depress property values, the real estate industry, and have a negative impact on general community stability.
Category: Foreclosure news | Tags: foreclosure, loan modification