richmondcares – excerpt
Richmond CARES™ – Community Action to Restore Equity and Stability – is a program of the City of Richmond that seeks to restore economic and social stability to the community… (more)
With the permission of the City and the homeowner CARES buys mortgages – the loans, not the homes – and reduces the amount owed by the homeowner to less than the value of the home. This “principal reduction” prevents foreclosures that harm the community. There is no cost to the homeowner or the City.
CARES is VITAL : Foreclosures harm neighbors and communities. Richmond has suffered mightily from the housing crisis and unfortunately it is far from over. It is still the case today, that more than half of all homes Richmond with mortgages are underwater. Many of these underwater homeowners are in foreclosures that CARES can prevent.
Richmond is taking ACTION: The City has decided that it is going to take action to prevent the harm to the community caused by foreclosures. “Principal reduction” will prevent foreclosures. After years of waiting on the banks to offer up a more comprehensive fix, or the federal government to make them, we’re stepping into the void and making it happen ourselves.
…MORE: If you are a Richmond homeowner and want to know if you are in the program, click here
For news and updates from city officials, click here
Press inquiries, click here
The city of Richmond is inviting other cities to join in the program. The Budget and Finance Committee passed a resolution authorizing negotiation of a Joint Powers Agreement with the City of Richmond to establish a Homeownership Stabilization Authority to assist homeowners with troubled mortgages. The full board of the San Francisco Supervisors will take the matter up October 7th.