The housing crisis that rocked the United States economy from 2008 through 2010 has its roots in the mortgage crisis that brought down several large financial institutions in America. While some cities have weathered the economic storms better than others, some have suffered more severely than others. Milwaukee, Wisconsin is a prime example of a metropolitan area whose housing market has been devastated by the financial instability in the United States. In September 2010, 1 in every 296 housing units in Milwaukee County were served with a foreclosure notice. Milwaukee residents who have recently received a foreclosure notice may desire to seek help from one of several foreclosure prevention organizations in the area.
Milwaukee Foreclosure Mediation Program
The Milwaukee Foreclosure Mediation Program is a foreclosure prevention organization that is within the Marquette University Law School. This mediation program is designed to bring financial institutions and homeowners with an imminent foreclosure together to come to a foreclosure prevention solution that is viable for both parties. The mediators in this program are experienced mediators and often licensed attorneys. As of July 22, 2009, foreclosure notices are required to notify the homeowner about the existence of the mediation process. The mediation sessions usually occur about 45 to 60 days after both parties agree to partake in the mediation process.
Legal Aid Society of Milwaukee
The Legal Aid Society of Milwaukee is a public interest law firm that provides free legal services to underprivileged city residents. One area that Legal Aid provides counsel to city residents is in foreclosure prevention. In his 2009 State of the City address, Milwaukee Mayor Tom Barrett designated the Legal Aid Society of Milwaukee as the head of a city-backed foreclosure prevention mediation program.
Take Root Milwaukee
Take Root Milwaukee is a nonprofit housing organization that aims to instruct potential homebuyers about the responsibilities and advantages of home ownership and also to counsel those homeowners that experience problems paying their monthly mortgage payment. Counselors at Take Root Milwaukee are trained to look for signs that may indicate a person may have mortgage problems in the near future. Services provided by Take Root Milwaukee counselors are offered at no charge.
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