Post foreclosure families are eligible for help but many remain ignorant. For innumerable households the foreclosure chapter closes but another one of new financial woes begin. There is the persisting problem of unemployment and other debts that nag and disturb. Bearing this in view many non-profit bodies are trying help the post foreclosure victims pick up the threads of life.

Armed with funds amounting to $125,000 taken from the St. Paul Foundation, grants came to be introduced by Minnesota Home Ownership Center for households in the eastern metro region who were juggling with various expenses like shifting, paying security deposits and other costs related to housing. Another grant of $90,000 came from Target Foundation. The maximum help of $3,500 would be given to those who come forward first until the loan amount is exhausted.
Till now about twenty families have taken advantage of this plan to make a new beginning. In Minnesota in 2009 there were 23,019 foreclosures and during the first three months of 2010 there were 6,716 foreclosures. Then why did so few apply?
The probable explanation is that many were unaware of the programme. It is difficult to establish contact with displaced foreclosure victims. Nicola Viana of Washington Country Housing and Redevelopment Authority said, “People like to keep things private, so it’s been hard for them to find out about us.”

Self respect often prevents many from what seems like outstretching the palm.
But the money really comes in handy especially for those with children suffering from loss of jobs, death, illness or break up of marriage. The dollars help in shifting expenses. Trucks can be hired and the security money paid for moving into rented quarters.

Foreclosures damage credit rates with the points plummeting sometimes by 140. This leads to potential landlords asking for hefty security deposits from new tenants. Some have even wanted $5,000 prior to giving possession.
Assistant professor Ryan Allen of Humphrey Institute of Public Affairs of University of Minnesota has been focusing on where the people go after being foreclosed upon. He has chosen for his study a small area in Minneapolis largely inhabited by Spanish speaking residents. He was pleasantly surprised to see that many of the families were better equipped to take on life following foreclosure than what he had presumed. He thinks this is largely because of a local law that permits the family to stay on for six months even after the foreclosure. This gives the family time to lick their wounds and salvage what they can. Living free for six months translates to good savings.

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