New Project to Contain Bank Foreclosure List in Wisconsin

by Simon Lindsay on States

The John Doe Movement has partnered with several organizations in Wisconsin for a project that is designed to contain Bank Foreclosure List in Rock County. Since last year, foreclosure rates in the county surged to 1,400 percent.

Movement founder Michael Rorabeck believes that the Rescue American Project would be able to provide a viable solution or plan to solve the growing Bank Forclosure List in the area. He said that the foreclosure problem is fixable and that people just do not realize it yet.

The movement plans to invite community leaders, pastors and civic organization members to join the project. Rorabeck explains that the foreclosure problem affects communities and therefore, a community solution is required.

Last May, about 750 properties were added on the county’s Bank Foreclosure List and 570 more are facing the threat of foreclosure. Additionally, the county’s foreclosure rate rose by 1,397 percent from the previous year.

According to Rorabeck, many people in the county do not know the depth and extent of the foreclosure problem, especially those families who are still employed and are not at risk of losing their homes.

But, Rorabeck adds, the crisis affects every individual since all it needs are few foreclosure properties to bring down the appraised values of other properties in the neighborhood.

Meanwhile, the NHS has been providing foreclosure prevention counseling, and talks with an average of five distressed homeowners daily. Executive director Christine Schlichting said that the timelessness of the project is godsend.

Education manager Dina Gonzalez said that in 2008, most homeowners who sought help from the NHS were dealing with high mortgages that they could not afford to pay. Now, mortgage rates have become affordable but the income of most troubled homeowners declined to a level that makes payments unaffordable.

The Rescue American Project also aims to stabilize the home values and the housing market in Rock County. Organizers hope that the project will be able to create a program or template for other counties in Wisconsin to follow.

The movement has partnered with Neighborhood Housing Services (NHS) and Stateline Community Foundation. They plan to unveil details of the project to contain Bank Foreclosure List at the Eclipse Center on August 4.