Senior Vice President, Bank of America
The most popular manifestation of the American Dream comes with the acquisition of a new home. Unfortunately, unscrupulous, rapacious parasites posing as lending institutions have ignited brush fires of foreclosures that are blazing destructive paths throughout the nation. It poses the most virulent threat to both the nation’s economy and people’s hard-earned dreams. Maurice Coleman has eschewed the pessimism that permeates conversation on this subject, seeking a solution-based, multipronged approach.
“First and foremost, those who are facing foreclosure need to contact their lending institutions. They need to have earnest discussions with their lending institutions, and [explore] the options they need to take,” says the senior vice president at Bank of America. “[They must] try to rectify the situation – be it low modification, temporary relief or just paying interest on their loans.”
Coleman also advises those nearing or in default to contact community organizations, such as Neighbor Works and Neighborhood Housing Services. The organizations provide mortgage assistance and counseling.
“We need to put [people] in better situations to save [their homes]. That may entail counseling. That may entail looking at your budget and making sure that you’re using your discretionary capital effectively. So all of those things are part of the solution. There’s no one solution,” he says, adding that people should also seek local help at churches and civic organizations. – terry shropshire
