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Cuyahoga County Foreclosure Prevention Program, 2011 Evaluation

Cuyahoga County Foreclosure Prevention Program, 2011 Evaluation. Kathryn W. Hexter Center for Community Planning and Development Levin College of Urban Affairs Cleveland State University June 15, 2012. Foreclosure Prevention. CCFPP Objectives, 2011

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Cuyahoga County Foreclosure Prevention Program, 2011 Evaluation

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  1. Cuyahoga County Foreclosure Prevention Program, 2011 Evaluation Kathryn W. Hexter Center for Community Planning and Development Levin College of Urban Affairs Cleveland State University June 15, 2012

  2. Foreclosure Prevention • CCFPP Objectives, 2011 • Coordinate outreach to homeowners and connect them to counseling and/or court mediation resources • Raise and distribute funding and other resources to partner counseling agencies • Administer rescue loans to provide one-time assistance to homeowners • Monitor the scope and nature of the evolving foreclosure crisis • Advocate for and support legislative initiatives at the state and federal level that better address the local foreclosure crisis. Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  3. Cuyahoga County Foreclosure Prevention/Counseling Funding • Total: $5.8 million available for foreclosure prevention (2/06-12/11) • Three major funding sources: • County General Funds ($572,500) • Block Grant Funds ($700,000) • Grants from banks and foundations ($1.2 million) • Two temporary, special use sources: • TANF ($400,000, 2006) • DTAC ($3 million) Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  4. Program Components, 2011 • UWS First Call For Help, 211 • Nonprofit housing counseling agencies ($290,128) • Community Housing Solutions • Cleveland Housing Network • Neighborhood Housing Services of Greater Cleveland • Empowering and Strengthening Ohio’s People • Home Repair Resource Center • Foreclosure mediation support program (mediation plus counseling) • Rescue Funds (TANF and DTAC) ($376,457) • Evaluation Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  5. Trends • Agencies are seeing clients with different issues than in the past. • The economy. Job loss or loss of income is the number-one reason people seek assistance. • Underwater mortgages. “Almost everyone has negative equity.” • Foreclosure filings are shifting to the suburbs (57%).   • 85% of clients have “good” loans (traditional loans with fixed interest rates under 8%); 69% have bad or very bad credit scores. • Delays by banks in filing for foreclosure, delays in getting a resolution. (Restoring Stability) • HAMP modifications are not always sustainable. • Short pay-offs are rare but increasing. Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  6. Foreclosure Mediation in Cuyahoga County, Ohio May 2008- Cuyahoga County Court of Common Pleas adopts a foreclosure mediation program in response to Ohio Supreme Court exhortation. In April 2010, Cuyahoga County Foreclosure Prevention Program and Mediation Program agreed to have counselors on site and available to assist homeowners—Foreclosure Mediation Support Program Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  7. Clients Served March 2006-December 2011 • homeowners seen by housing counselors at participating agencies: • 4,824 in 2011(highest number) • 11,750 total • rescue loans and amount: • 144 in 2011; $376,456 • 573 total; $1.5 million total • average payment $2,666/homeowner Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  8. Counseling Trends Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  9. Successful Outcomes, 2008-2011 Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  10. Highlights of Findings Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  11. Recommendations • Continue advocacy at federal and state level • Federal programs that work. • Regulatory Reform (consumer protection and credit system) • Restart outreach and marketing aimed at prevention • Continue leadership role • CCFPP as part of a broader housing strategy, including affordable housing, sustainable homeownership and rental opportunities on a regional basis • Support strategic neighborhood investments • Data, data, data Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

  12. Next Steps Vineyards of Hough, Helen Liggett Old Hushers Farm, Marilyn Polivka San Diego Market, Greta De Meyer Kathryn W. Hexter, Levin College of Urban Affairs, Cleveland State University

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