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mortgage workouts

Banks to Help Homeowners Find Jobs

NextJob introduced a program to encourage banks to help homeowners find jobs who are at risk of foreclosure.

In a recent article on Bloomberg.com, a South Carolina man received a call from his bank telling him about a great new job opportunity that might save his home from foreclosure. The NextJob program involves banks in helping find jobs for homeowners at risk of foreclosure. Working homeowners can pay for home mortgage payments.

Fifth Third Bank collaborated with NextJob on a Homeowner Reemployment program as a way to help homeowners find a job to pay mortgages and keep their homes. NextJob’s CEO, John Courtney envisioned a program that would help banks look at a new way of helping their mortgage holder’s avoid foreclosure.

Program Encourages Banks to Help Homeowners Find Jobs

There are countless programs to help homeowner’s refinance or restructure their mortgages. As good as the intentions are with these programs, unless people are working, there will be no income to make house payments and ultimately more homes will end up in foreclosure. 

The program with Fifth Third Bank saw almost 40% of its participants find work within six months of enrolling in the program. The cost to the bank of approximately $1500 per participant may seem high at first, until you consider how much it costs a bank to foreclose on the property and sell at auction.

Unemployment Calls for Innovative Ideas

With the unemployment rate in June 2014 at 6.1%, other institutions are looking at programs such as this to reduce foreclosures and hardships on their customers. 

Homeowner’s don’t exactly trust the banks after everything that has happened since the housing crisis began. Banks have been sued and found guilty of fraudulent foreclosure practices. Homeowners are understandably skeptical when their bank calls them and tells them they think they can help them find a job.

Florida Foreclosures are Still a Reality

According to statistics just released by realtytrac.com, in the first six months of 2014, Florida led the nation in the number of foreclosures at 121,412, even though this number represents a decrease of 22% from a year ago. Properties scheduled for auction in June 2014 increased.

Winter Park foreclosure attorney Eric Lanigan with Lanigan and Lanigan, P.L., helps homeowners who need legal advice on foreclosure prevention.

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