There is no doubt that the dismal economy in Michigan has put many homeowners in Oakland County in jeopardy of losing their homes.
In fact, many homeowners today are facing the ‘PERFECT STORM? for mortgage foreclosures. Rising home-ownership costs, advancing debt, declining incomes, job loss and a weakening state economy rock the very foundation of home ownership.
Unfortunately, the foreclosure situation in Oakland County is staggering. In 2007, foreclosures in Oakland County hit a historical high. Since 2000, foreclosures have increased an alarming 538-percent, and jumped 85-percent just in the last year.
Similarly, foreclosures in Orion Township (including the Village of Lake Orion) have more than doubled from 2006 to 2007. Regrettably, this means that many families in our community have lost, or will lose, their homes.
The rising foreclosures and their impact locally is of great concern. Besides losing earned equity, damaging credit and other monetary losses, losing a home to foreclosure and displacing a family causes emotional, physical and psychological distress in the community.
In order to provide assistance to residents, Oakland County Executive L. Brooks Patterson and the Oakland County Board of Commissioners have initiated free foreclosure intervention and prevention seminars, called ‘My Home ? My Future,? led by a collaboration of professional housing counseling agencies.
The collaboration of professional housing and counseling agencies include Oakland County Housing Counseling, Oakland Livingston Human Service Agency (OLHSA) and Lighthouse Community Development. All of these agencies are working to help Oakland County homeowners who face foreclosure as well as those who may be falling behind in their mortgage payments.
The ‘My Home ? My Future? seminars are designed to provide valuable information and advice that will offer both hope and tools that residents can use in the fight to maintain their homes.
As terrible as our situation has been, I believe that the housing market in Oakland County will continue to drift downward in 2008 and will not recover for several years. I also believe that the information contained in the ‘My Home ? My Future? seminar can help residents make decisions which are vital to their future.
Therefore, I am currently working to schedule a ‘My Home ? My Future? seminar in Orion Township (it is tentatively scheduled for Feb. 21 ? with more information to come in The Lake Orion Review). If you would like additional information on this program prior to a seminar being held in Orion, please contact Oakland County Housing Counseling toll free at 1-888-350-0900, ext. 85402, or visit www.oakgov.com/chi.
If you are interested in contacting any of the professional housing and counseling agencies referenced in this article, please use the following contact information…
– Oakland Livingston Human Service Agency (OLHSA): (248)209-2616
– Lighthouse of Oakland County: (248)920-6200
– Oakland County Housing Counseling: (248)858-5402
– ‘My Home ? My Future? seminars (Kathy Williams): (248)858-1189
The purpose of this editorial is to help inform the community on issues within Oakland County government and to make county government more accessible to the citizens of Orion Township and the Village of Lake Orion.
Please stay tuned for upcoming issues of the Commissioner’s Corner. If you have an issue that you would like to discuss with me or if you have an item that you would like to see included in future Commissioner’s Corner editorials, please contact me at the county at (248)858-0100 or gingellm@oakgov.com.