(KMOV) – Local housing advocates are fighting for a temporary freeze on foreclosures in Missouri.
The action comes after some home loan companies admitted they failed to properly sign off on foreclosure documents.
Home values have dropped and St. Louis County is trending toward the highest number of foreclosures on record. It’s a problem that’s alive and well – and it affects and frustrates a lot of people.
Local resident Richard Cliver almost lost his home soon after he almost lost his job.
He’s one of the many faces directly affected by the foreclosure crisis. Now local advocates are pushing for a moratorium, in light of the recent problem involving mortgage lenders signing off on bad documents.
The foreclosure crisis doesn’t just affect those in danger of losing their homes. It also affects all taxpayers and those who are caught in the middle, like those who are having trouble selling their homes.
“If you want to sell your home, it’s a tough time,” says Chris Krehmeyer of Beyond Housing.
“It’s affecting everybody,” says homeowner Dora Phillips. “My block is basically vacant.”
For now, struggling homeowners may be eligible for loans recently announced by the federal government, which is a small solution to a big problem that’s far from over.