Home foreclosures are expected to rise in 2012

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RICHMOND, Va. (WTVR) - They’re invading more and more neighborhoods and weakening communities.

Experts say in 2012 they expect to see more foreclosures in Central Virginia.

In 2010 there were more than 60 thousand foreclosure filings. Hank Coleman, President and CEO of Southside Community Development and Housing Corporation explains that the numbers slowed a bit in 2011.

“Lenders and the legal system and home owners came together to work out plans. Now for 2012 we expect to see more foreclosures, residential and commercial foreclosures as well” said Coleman.

We’ve heard heart wrenching stories of families losing homes. Recently we profiled a local family facing foreclosure after making 28 years worth of mortgage payments.

This, as they dealt with losing a loved one to Cancer. Coleman says when a homeowner is nearing a payoff date and is foreclosed upon, banks can benefit.

The ex-banker says “they’re looking at it on paper. They take the emotional side out of it and its business. We made a loan to you and we expect you to take it back. But, banks don’t want to take on more real estate. It costs them.”

Coleman says the best bet for homeowners facing foreclosure is to act quickly and contact your lender. Turning to a HUD certified counselor is also recommended,  Coleman adds.

His organization Southside Community Development and Housing Corporation stands ready to assist those who face foreclosure. Coleman says in 2011 they assisted more than one thousand people apply for emergency home loan assistance.

“We can walk them through it hand in hand. They can turn to a service like this and it’s free. They shouldn’t pay for counseling services like this. Give us a call at 804-231-4449. We have counselors that will immediately assist them and we can help work it out with the lender before getting into a dire time frame” said Coleman.