Editorial: Helping citizens keep their homes

Last year more than 2,000 homes went into foreclosure in St. Paul and Minneapolis, and 2007 threatens to be as bad or worse. Foreclosure rates also have risen significantly throughout the 13-county metro area, a trend that is expected to continue in coming months.

When the number of abandoned, hard-to-sell houses rises, city troubles go up, too. In addition to affecting property tax revenues, empty buildings contribute to blight and the feeling that neighborhoods are unlivable.

Facing a growing foreclosure problem, mayors R.T. Rybak of Minneapolis and Chris Coleman of St. Paul are wisely teaming up to help residents keep their properties. Along with the Minnesota Home Ownership Center, they're sponsoring two information sessions to help property owners.

During the sessions, mortgage companies and community-based housing organizations will be on hand to give free advice and answer questions on a confidential basis. Participants will learn about their legal rights, the foreclosure process and options for housing.

Experts stress that distressed homeowners should begin working with a lender or foreclosure specialist at the first signs of trouble. Whether out of embarrassment or hope that the financial picture will change, too many property owners wait until they're months or years behind on payments. Often, that's too late to keep the house. The longer homeowners wait, the fewer options they have. Failure to act early makes it more likely that the bank will take over the property.

Smart lenders will do all they can to help owners stay put. Foreclosures cost banks money they'd rather not spend, and most prefer to work with customers to make the loan successful.

Hopefully the Ownership Center sessions will help struggling homeowners hang on to their properties. It's a program that Twin Cities suburbs should consider if foreclosure rate continue to rise.

Maintaining home ownership keeps neighborhoods, cities and the metro region economically viable and socially strong.

For those who cannot attend the workshops but want help, call the Ownership Center at 651-659-9336. More information is available online at www.ci.minneapolis.mn.us/foreclosure and at www.stpaul.gov/foreclosure.