New Orleans Homeowners on the Verge of Facing Foreclosure

Due to the ongoing crises in the American real estate market, especially now in the state of Louisiana and its city of New Orleans, a large number of people are at risk of facing foreclosure on properties built by the charity organization Habitat for Humanity.

One of the main factors influencing the fluctuation of the city’s market is the rising cost of property insurance, which is making it increasingly difficult for more homeowners to meet the required rates.

One of the affected homeowners is Mr. Kevin Hargrove, who stated to the press that “due to the drastic rise in insurance rates, I had to get another job just to survive, as my payments went from about $560 to an overwhelming $1,735.”

And like him, thousands of people fear that their homes may face foreclosure for failing to keep up with mortgage payments or skyrocketing insurance premiums. They are seeking help from the organization to address their delicate situation.

Habitat for Humanity is a nonprofit organization that offers affordable loans to families with low or moderate incomes. Their goal is not to provide free housing, but to help homeowners maintain and repair their homes.

Given the large number of homeowners seeking to renegotiate their annual mortgage terms in hopes of reducing their monthly obligations and avoiding losing their homes, Habitat for Humanity is seeking government funds to assist homeowners who are struggling the most to make payments.

Recently, the city administration announced that they have approved $2 million for the organization as a temporary measure to prevent numerous foreclosure processes that would affect a large portion of New Orleans’ population.

Foreclosures available:

New Orleans: 15

Oklahoma: 8.

By Elias DaSilva | September 16, 2024.