Volunteers reach out to at-risk neighborsby Brandt Williams, Minnesota Public Radio
St. Paul, Minn. — Next week a group of volunteers will begin canvassing parts of north Minneapolis in an attempt to reach homeowners with adjustable rate mortgages.
Organizers of the project say the goal is to reach borrowers before their first rate adjustment and, if necessary, encourage them to see a foreclosure prevention counselor.
Jeff Skrenes is the housing director for the Hawthorne Area Community Council. Skrenes says some of the neighborhoods hardest hit by the foreclosure crisis contain a high number of rental properties.
"We're prepared to give renters some advice and some connections for where they can go to know their rights as well. But that's kind of the gap that a lot of people are trying to figure out how best to fill - is what do you do with someone who's got a subprime loan and they've got a handful of investment properties with them," Skrenes said.
Skrenes said volunteers will focus on homes that were bought in 2007 and financed with adjustable rate mortgages.