Jefferson Circuit Court judges, Louisville Metro Mayor Jerry Abramson, and
U.S. Rep. John Yarmuth joined forces Tuesday to launch the Foreclosure
Conciliation Project, a program designed to encourage lenders to explore
alternatives to foreclosure.
Local judges have agreed not to require sales of homes in foreclosure before
homeowners meet with their lenders.
Those homeowners who follow the program will learn about options such as
forbearance agreements and loan modifications.
“Having a clear plan to follow will make this process less traumatic and
more educational for homeowners,” said Abramson in a news release.
Last year, 3,264 foreclosures were filed in Jefferson County, which resulted
in 2,408 homes sold at a foreclosure sale.
If present trends continue, foreclosure filings will approach 5,000 by the
end of the year.
“A foreclosure sale displaces families, disrupts neighborhoods and drains
wealth from our community,” Chief Judge Jim Shake said in the release. “If
we can use our resources to encourage communication, offer alternatives and
prevent significant losses to families and neighborhoods, then we as a
community have a responsibility to do that.”
“There’s so much inventory out there that the buyer can pick and choose,” said Susan Sirles Fidler, a Realtor at Re/Max 10, Oak Lawn. But she cautioned, “The stuff that’s almost free is almost free because it’s going to cost you an arm and a leg to put it back together. It’s not buyer beware as much as buyer be smart.”
