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Oakland ROOT Pilot scheduled for kickoff in early 2013

CHDC and our ROOT partners are now completing guidelines and procedures to launch this new foreclosure intervention strategy by February 1st. ROOT’s goal is to secure homeowners and stabilize neighborhoods by purchasing homes in foreclosure and selling them back to qualifying occupants with a new affordable mortgage. Interested Oakland homeowners who have already worked with a foreclosure intervention counselor should contact their counseling agency to discuss eligibility. If you have not worked with a counselor before, you may contact CHDC by e-mail, info@chdcnr.com, or telephone 510-412-9290 and ask for the Foreclosure Intake Specialist.

The ROOT (Restoring Ownership Opportunities Together) Collaborative is a group of Bay Area organizations committed to stabilizing neighborhoods impacted by the foreclosure crisis. The Collaborative includes CHDC, the City of Oakland, groups based in Oakland, Alameda County, and Contra Costa County who are eager to grow the program in their own communities, as well as organizations that work across the Bay Area.

ROOT’s strategy is to prevent displacement and ensure long-term homeownership by purchasing homes in foreclosure and selling them back to their occupants with a new affordable mortgage. It aims to help borrowers who do not qualify for existing loan modification or other programs, but who could afford their home if they purchased it at today’s market value. CHDC as the lead non-profit agency purchases a distressed home at a discount from a lender, and then sells it to the existing occupants. The new mortgage is structured to reflect current market value, functioning as a long-term principal reduction. This approach intervenes before displacement, avoiding neighborhood blight as well as family trauma. It also ensures sustainable homeownership through close work with clients, who are supported by community organizations providing advocacy and financial education.

Foreclosure intervention counseling is the first step in learning whether your property and circumstances are a fit for ROOT. Participation by your lender is also essential, so CHDC and partners are reaching out to all major lenders in the East Bay to help make the program a success. We are actively negotiating with Wells Fargo Bank and Chase and welcome inquiries from others.  Please send questions to info@chdcnr.com or call 510-412-9290.

Posted by epiez on December 27, 2012


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