May 6, 2008 5:59 pm US/Eastern
Ad Campaign Begins To Battle Foreclosures
BALTIMORE (WJZ) ―
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Maryland officials have launched an ad campaign to battle rising foreclosures.
AP
With foreclosures threatening to oust thousands of Marylanders from their homes, an effort is on from state leaders to educate homeowners on ways to save their houses.
Peggy Lee has more on how they're getting the message out.
Ads are the latest weapon to fight the foreclosure crisis that's hurting hundreds of Maryland families. The goal is to get help to those who need it before they lose their homes.
"The fact of the matter is that we have some roughly 11,000 people that are in some point in the process in foreclosure in our state," said Governor Martin O'Malley.
The ads will be carried on hundreds of MTA buses and light rail cars, making it a mobile message.
Already people are taking advantage.
"I went from having $40 left over from one paycheck a month, not even including other bills, just the mortgage, $40 to now having enough to pay my car payment, and if I want, take the kids to dinner," said homeowner Mary Klipa.
The ads will also be carried in newspapers and heard on the radio.
"Unfortunately, things may even get worse before they get better as later this year we'll see a number of these adjustable rate mortgages or interest rate mortgages have their interest rates reset," said Raymond Skinner with the Maryland Department of Housing.
If you don't have a lender, the Department of Housing has non-profit counselors that can walk you through the way. If you need to refinance your mortgage, there are safe and affordable loans.
"Small, $15,000 loans, bridge to hope loans, which we will make available to those for whom this can be of some help," said O'Malley.
"I saved my house, my kids and my animals. [I'm] happy we're not on the streets," said Klipa.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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