House Foreclosure Listings Still Growing in Southern Oregon
November 16th, 2009 by 
Joseph Smith
House foreclosure listings are still rising in number in Southern Oregon, particularly in Jackson County, due to rising unemployment in the region.
Since December 2007, the number of housing units foreclosed in Jackson County has reached 1,718 units, and one-third more mortgage loans became delinquent during the same period, according to county records.
This year, 919 houses have been repossessed and 1,855 units have been notified they are already at least three months in default, based on a report from Rogue Federal Credit Union.
According to local real estate analysts, more housing units are expected to go into foreclosure next year because about 2,500 mortgage loans are scheduled to reset to higher interest rates starting next year. As many homeowners are already finding it difficult to pay their lower monthly payments, it is likely that they will be forced to let their homes go into foreclosure when their mortgages reset.
A homeowner who took out an adjustable-rate mortgage loan and who has been paying $1,400 monthly will be required to pay about $2,100 when the loan resets to a higher rate, according to an analyst who made estimates.
To help reduce the number of properties entering house foreclosure listings in Southern Oregon, the nonprofit ACCESS Inc. and the alliance Building Hope have been helping distressed homeowners analyze their financial situation and decide the best option concerning their homes.
According to volunteers working for the two organizations, sometimes they are able to help borrowers modify loans to more affordable monthly payments, but sometimes they have to be honest with homeowners and advise them to think really hard if they are just using up their last savings in trying to save a house they can no longer afford to pay.
Pete Cislo, a volunteer with Building Hope, said he had to advise a couple to stop using their savings to pay their house because the wife was having a baby and they are both unemployed. Cislo explained he never thought the day will come when he would be advising individuals to stop making mortgage payments.
ACCESS Inc. and Building Hope volunteers also said the number of people asking them for assistance has been steadily rising and has overwhelmed them. They also said that there are now a lot of middle-class families asking for help.
According to nonprofit Rogue Federal Credit Union, the number of properties entering house foreclosure listings will continue to increase if the unemployment problem in Southern Oregon is not solved.
