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Do IT this week: Layering
Federal lender commits additional $200,000 for local rescue funds, counseling, mitigation
By Rick Armon
Beacon Journal staff writer
POSTED: 06:56 p.m. EST, Nov 08, 2009
Frank and Karen Jennings found themselves in deep financial trouble last year.
They were behind on their mortgage payments and other bills thanks to a temporary layoff and poor financial planning.
The Barberton couple, both in their 30s, were worried that they would lose their three-bedroom bungalow-style house — the first home the high school sweethearts ever owned.
So they did what financial experts recommend: They swallowed their pride and started calling around for help.
The Jenningses ended up participating in the Federal Home Loan Bank of Cincinnati's ''Preserving the American Dream'' program, offered locally through the East Akron Neighborhood Development Corp. They received more than $2,000 to save their home and completed the required financial counseling.
''The financial aid was great, but the credit counseling classes . . . I can't even measure how helpful that was,'' said Frank Jennings, 38, a grinder at Babcock & Wilcox Co. ''The benefits of that greatly outweighed the financial aid.''
The local program has been so successful, officials said, that the Federal Home Loan Bank is providing an additional $200,000 to help struggling homeowners in Medina, Stark and Summit counties. Overall, the federal bank — which has a congressional mandate to devote 10 percent of its annual profits to housing programs — is handing out $2 million to bolster foreclosure programs that began last year.
Homeowners who got their mortgages through certain member banks are able to receive up to $3,500 for mortgage counseling, rescue funds and foreclosure mitigation.
Over the past year, East Akron Neighborhood Development used $100,000 from the program to provide counseling and grants to Akron-area homeowners.
The agency was able to counsel 82 families and rescue 42 from foreclosure through loan modification, working with lenders to postpone payments, short sales and grants, said Grady Appleton, executive director of the nonprofit group.
East Akron Neighborhood Development will be able to help even more people with the additional funding, he said.
Foreclosure remains a problem in the community. Banks and other lenders have filed 3,632 foreclosure suits so far this year in Summit County.
The most common reason involves a loss of income caused by job loss, getting a job that pays less, medical bills or divorce.
''We also see quite a bit as poor money-management skills,'' said Calvin Kennedy, regional manager for Third Federal Savings & Loan Association's HomeToday program.
Eight banks, led by Third Federal, are participating in the program: Bankers Guarantee Title & Trust, Fifth Third, FirstMerit, Huntington National, National City, North Akron Savings and U.S. Bank.
Before entering the program, the Jenningses figured they would eventually end up in foreclosure and be back to renting — something they didn't want to do to the family, which includes 14-year-old Anthony, 11-year-old Ashleigh and 8-year-old Kaitlin.
''It's not much but it's ours,'' stay-at-home mom Karen Jennings, 35, said about their Elmwood Avenue home.
They bought the property six years ago. It's now valued at $67,400, according to county tax records.
Karen Jennings heard about the East Akron program through the Salvation Army.
Frank Jennings said it was difficult for him to ask for help.
''I'm as stubborn as a mule. I don't ask for directions; you know what I mean,'' he said. ''I swallowed a little pride doing this.''
He also was skeptical.
But the Jenningses, whose monthly house payment is $676, said the process was made easier by the caring attitude of East Akron housing counselor Toya Kelker. They also became more comfortable after sitting in counseling classes and being surrounded by other homeowners struggling just like themselves.
The most helpful advice they received was to keep a worksheet detailing every cent they spent for a week. They realized the morning coffee at the fast-food restaurant and the chips at lunch added up to hundreds of dollars a year.
''I was going through money unbelievably on nickel and dime things,'' Frank Jennings said.
They stopped making those impulsive purchases and even dumped the cell phone.
The family is now able to save a little money and are urging others in similar circumstances to seek help through East Akron.
For more details about the program, call East Akron's Center for Homeownership at 330-724-0244.
For more details about the Federal Home Loan Bank of Cincinnati, go online to http://www.fhlbcin.com.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Frank and Karen Jennings found themselves in deep financial trouble last year.
They were behind on their mortgage payments and other bills thanks to a temporary layoff and poor financial planning.
The Barberton couple, both in their 30s, were worried that they would lose their three-bedroom bungalow-style house — the first home the high school sweethearts ever owned.
So they did what financial experts recommend: They swallowed their pride and started calling around for help.
The Jenningses ended up participating in the Federal Home Loan Bank of Cincinnati's ''Preserving the American Dream'' program, offered locally through the East Akron Neighborhood Development Corp. They received more than $2,000 to save their home and completed the required financial counseling.
''The financial aid was great, but the credit counseling classes . . . I can't even measure how helpful that was,'' said Frank Jennings, 38, a grinder at Babcock & Wilcox Co. ''The benefits of that greatly outweighed the financial aid.''
The local program has been so successful, officials said, that the Federal Home Loan Bank is providing an additional $200,000 to help struggling homeowners in Medina, Stark and Summit counties. Overall, the federal bank — which has a congressional mandate to devote 10 percent of its annual profits to housing programs — is handing out $2 million to bolster foreclosure programs that began last year.
Homeowners who got their mortgages through certain member banks are able to receive up to $3,500 for mortgage counseling, rescue funds and foreclosure mitigation.
Over the past year, East Akron Neighborhood Development used $100,000 from the program to provide counseling and grants to Akron-area homeowners.
The agency was able to counsel 82 families and rescue 42 from foreclosure through loan modification, working with lenders to postpone payments, short sales and grants, said Grady Appleton, executive director of the nonprofit group.
East Akron Neighborhood Development will be able to help even more people with the additional funding, he said.
Foreclosure remains a problem in the community. Banks and other lenders have filed 3,632 foreclosure suits so far this year in Summit County.
The most common reason involves a loss of income caused by job loss, getting a job that pays less, medical bills or divorce.
''We also see quite a bit as poor money-management skills,'' said Calvin Kennedy, regional manager for Third Federal Savings & Loan Association's HomeToday program.
Eight banks, led by Third Federal, are participating in the program: Bankers Guarantee Title & Trust, Fifth Third, FirstMerit, Huntington National, National City, North Akron Savings and U.S. Bank.
Before entering the program, the Jenningses figured they would eventually end up in foreclosure and be back to renting — something they didn't want to do to the family, which includes 14-year-old Anthony, 11-year-old Ashleigh and 8-year-old Kaitlin.
''It's not much but it's ours,'' stay-at-home mom Karen Jennings, 35, said about their Elmwood Avenue home.
They bought the property six years ago. It's now valued at $67,400, according to county tax records.
Karen Jennings heard about the East Akron program through the Salvation Army.
Frank Jennings said it was difficult for him to ask for help.
''I'm as stubborn as a mule. I don't ask for directions; you know what I mean,'' he said. ''I swallowed a little pride doing this.''
He also was skeptical.
But the Jenningses, whose monthly house payment is $676, said the process was made easier by the caring attitude of East Akron housing counselor Toya Kelker. They also became more comfortable after sitting in counseling classes and being surrounded by other homeowners struggling just like themselves.
The most helpful advice they received was to keep a worksheet detailing every cent they spent for a week. They realized the morning coffee at the fast-food restaurant and the chips at lunch added up to hundreds of dollars a year.
''I was going through money unbelievably on nickel and dime things,'' Frank Jennings said.
They stopped making those impulsive purchases and even dumped the cell phone.
The family is now able to save a little money and are urging others in similar circumstances to seek help through East Akron.
For more details about the program, call East Akron's Center for Homeownership at 330-724-0244.
For more details about the Federal Home Loan Bank of Cincinnati, go online to http://www.fhlbcin.com.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
Comments
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Stow, OH
Posted 07:04 PM, 11/08/2009
Sounds like stay-at-home mom Karen Jennings might want to find a part-time job to help her family get out of debt. Being a stay-at-home mom is great - IF you can afford it.
Akron, OH
Posted 07:47 PM, 11/08/2009
It's supposed to be the Jennings' not Jenningses.
Akron, OH
Posted 07:49 PM, 11/08/2009
And swordfish, Karen Jennings may have no choice but to be a stay at home mom. She may have a disability, or one of her children may be disabled. Don't just assume that she's not working because she doesn't want to.
Anti-Politically Correct & Anti-GOP, OH
Posted 08:14 PM, 11/08/2009
Good for them....glad to see hard-working American Citizens getting bailouts as opposed to bailing out big Government banks and businesses.
Akron, Oh
Posted 10:35 PM, 11/08/2009
These are the types of stories that need to be on the front page. This is important info that needs to be out in front of the public so they can access the proper financial institutions and save our neighborhoods. Good to see good, hard working people getting a little help for a change.No handouts, just a little "somethin".
Posted 07:19 AM, 11/09/2009
Great story. The hubby swallowed his pride, saved his house, marriage, the whole thing. Too bad that taxes are as high as they are, that both parents have to work just to stay in a 73K house. Now with the 12 trillion Obomacare about to be passed, even the kids will have to work to keep from losing the house. Or, the government will just take over the house and family and the family will be slaves to the government. I am sure they will get some packaged cheese, and if they don't mind standing in line, they will get the free 12 trillion dollar health care.
Crazytown, OH
Posted 08:22 AM, 11/09/2009
@majkman775
Actually (I hate to admit it) the ABJ is correct:
Apostrophes are never used to form the plural of any proper noun.
The Herberts will attend.
not: The Herbert's will attend.
Add -s to make most last names plural. Add -es to those that have endings with sounds such as ch (as in Hatch, but not as in Bach), s, sh, x, and z.
The Joneses will tour Hong Kong.
Had the story above said, for example, the Jennings' house payment then s' would be acceptable. Jennings's would also be acceptable. There are debates as to which possessive use if better.
Uniontown, Oh
Posted 08:31 AM, 11/09/2009
Definitely a great story. Congratulations to this couple who swallowed their pride and asked for help... that is hard to do- even harder is accepting responsibility for their actions and following through with decisions to change their lives. Wish everyone could do this instead of blaming government or the president or their next door neighbor, etc., for their problems.
AKRON, OH
Posted 08:32 AM, 11/09/2009
sm_rta_s
Where was your avatar in this story.Man gets 3 years in prison for having sex with horse.It would have been great!!!!
Crazytown, OH
Posted 08:37 AM, 11/09/2009
The question, though, is why did ABJ not write it that way in paragraph five? Also, some would debate that the plural possessive should be Jenningses'. And someone please call me on the typo in my previous post!!
Crazytown, OH
Posted 08:40 AM, 11/09/2009
@stephend6
You're right! Better late than never!
akron, oh
Posted 08:49 AM, 11/09/2009
Hey, I took out a loan for my house. Worked and paid it off. Can I get some free money? Why is it everyone who gets free money are dolts who can't figure out how to manage their finances? I'm sick of hard luck stories. In their 30's and still can't figure it out. Amazing.
Akron, OH
Posted 08:54 AM, 11/09/2009
@Swordfish, money earned on a part-time job would probably be eaten up by the cost of someone caring for the children.
Akron, OH
Posted 09:00 AM, 11/09/2009
@scotth on "obamacare..." these are the kind of folks who are one medical event away from bankruptcy. Medical bills are behind more than 60 percent of U.S. personal bankruptcies. More than 75 percent of these bankrupt families had health insurance but still were overwhelmed by their medical debts. What we need is single payer health care.
Akron, Oh
Posted 09:16 AM, 11/09/2009
Medical bills... OMG !!
My husband was in intensive care and speciality care for 3 months. The medical bills came to over $900,000.00.
I work full time and pay towards my our health insurance. We are still being hounded for what the insurance didn't cover.
They are eating us alive .... I'm afraid this is where we are going to end up... foreclosure.
Green, Ohio
Posted 09:23 AM, 11/09/2009
All of the spelling police posters need to get a life. We really do not care and if you really want to critique, please go get a job at the ABJ or some other news agency. Your posts are suppose to be about the article, not how well the article was written or how well the people who post can spell.
Green, Ohio
Posted 09:27 AM, 11/09/2009
If more families had one stay at home parent, whther it be male or female, there would be more than enough jobs for everyone. The children would get the true attention and teachings they need and family costs would go down by having that one person provide more for the home. The family could save by reducing costs of 2 cars, gas for 2 people going to work, 2 car insurance premiums and the home would be nice and clean and tidy.
Barberton, OH
Posted 09:49 AM, 11/09/2009
I'm with Sheila, I have been a responsible homeowner (who is still lucky to have a job) and pay my bills each month, where's my reward? Just because I didn't buy a house beyond my means, and buy expensive clothes, cars, etc.... Can I have a tax break this year? It would sure help my pocketbook.
Akron, OH
Posted 09:58 AM, 11/09/2009
Look at the super rich make the middle class and poor be at eachothers throats. They got money and I didn't....
Chagrin Falls, OH
Posted 10:01 AM, 11/09/2009
Sheila and BeHonest:
No breaks for you. After all, if we didn't have responsible, hardworking, non-whining taxpayers like you two, who would foot the bill for those who continue to rape the tills? Ever notice the 'extra stimulus' money continues to pour into programs for those who haven't contributed. I respect the homeowner for 'swallowing his pride' but really, dude....when you've screwed up, part of being an adult is facing the consequences and working towards a solution. Pretty basic, huh? When will these waterfall bail-outs end? Where is the cash coming from?! Oh...I remember....I'm at work today...I'm at work EVERY day.
Chagrin Falls, OH
Posted 10:11 AM, 11/09/2009
And a non-foreclosed home in any neighborhood is preferred to a boarded up, vandalized one. So even though I sounded a bit cynical on my previous post, I appreciate this program for people like the JenningsES (take that PortageLakesGuy - you're mad at the English-correct posters because they KNOW the rules and you don't?).
Lorain, oh
Posted 10:31 AM, 11/09/2009
good 4 them despite the haters on here..and she is staying home because daycare costs are out of control in this country and if she had them in daycare the kids would be so sick all the time that heathcare costs would put them under anyway.
Inflation in US has gone uo around 65% over last 10-20 years...goverment wont say it, but look at everything
Columbus, OH
Posted 10:38 AM, 11/09/2009
I'm going to agree with Swordfish on this one. Unless there are circumstances beyond her control, she should be looking for a job just like every other working household. I'm not going to join the pity party unless I know that it's really warranted..
akron, oh
Posted 11:27 AM, 11/09/2009
I also agree. Karen should be looking for a job, like babysitting. If she can't/choose not to work in or outside of the home, then hubby should be looking for another higher paying job or part time work to help out. Remember the government is alway hiring!!!
akron, oh
Posted 12:20 PM, 11/09/2009
Very interesting story, it's good to see that some help is avail for one's struggling with their mortgage. In my case I didn't purchase a home more than I could handle, however my income decreased by $10K and guess what my Lender Third Federal DIDN'T OFFER ME ANY HELP WHAT SO EVER perhaps lowering my monthly amount temporairly until things change. I'm thankful to have kept my job with so many getting laid off but it would also be helpful if your Lender would help you out. I've gotten 2 packets for modification, even though receiving these packets didn't guarantee modification but you would've thought the bank would've contacted me or something & they didn't. It's really a shame that the people that REALLY needs help aren't getting it it's like they're picking & choosing who they want to help with these programs. When my income changed at my job I contacted my bank right away making them aware of the changes and guess what they told me ``CALL & KEEP US INFORM''. I just don't understand why people in the same shape as myself can get help and I still have yet to see any help from my Lender. I think I'll just let my home go into foreclosure, file bankruptcy & be done with it. I've been trying to get something happen w/my mortgage since 2008...that's ridiculous
tallmadge, OH
Posted 12:31 PM, 11/09/2009
Another result of Clinton's policies. Give people more money than they can afford to pay back. The taxpayers money is keeping them in their house.
Posted 12:59 PM, 11/09/2009
I'm glad this family was able to save their home, but that really was my first thought when I read she was a stay at home mom. It's nice if you can afford to be, but it doesn't sound like they can. She should at least have a part-time job to help out.
kent, oh
Posted 02:00 PM, 11/09/2009
I'm with Sheila, I have been a responsible homeowner (who is still lucky to have a job) and pay my bills each month, where's my reward? Just because I didn't buy a house beyond my means, and buy expensive clothes, cars, etc.... Can I have a tax break this year? It would sure help my pocketbook.
uniontown, oh
Posted 02:03 PM, 11/09/2009
Glad to know that we can again pay for someone else's mortgage.
Hey...can we help them with their utilities and perhaps buy them a new car as well.
Remember...what comes from the federal government FIRST must come from the pockets of those paying into the government
Fairlawn, OH
Posted 03:33 PM, 11/09/2009
Why is everyone here complaining? Your reward for being responsible is to not find yourself in this mess to begin with.
Unfortunately life happens sometimes and circumstances chage. It is nice to see that some people have options other than bankruptcy and foreclosure when times get tough.
Orrville, Oh
Posted 04:48 PM, 11/09/2009
Bank cannot help victims; of corporation, farmer, business, outsourcer sweatshop, and nonprofit, tax-exempt, organization and Church; refusing; to market the cost; in the wholesale and retail price of his or her product and service; Of homeowners; honoring mortgage agreement with bank; and every workers, consumers, and taxpayers living (including pension and health care); enabling parents to love, nurse, nurture, discipline, protect, and provide for every child (job) they conceive; and fund schools, infrastructure, national security, government services, and etc.; with money derived from wages or independent business profit!
Elkins, WV
Posted 06:00 PM, 11/09/2009
it appears to me that them there people in ohio is living high on the hog shoot back here up the holler we just got some 2x4s and a roll of tar paper that way when they come to take your home they aint getting much. and further more for eating out all the time thats a joke back here we just pick the road kill.
Posted 06:42 PM, 11/09/2009
I guess people didn't read the part where he was laid off. But I guess it's easy to judge these fine people by saying they have no idea how to handle money.
We all have our faults, they've lived and now they've learned. Their children now have a home to go to after school, with a stay at home mom who is there to keep them out of jail.
I'm sure if we put any of you on the front page and write about what you've messed up on in the past.... you've be a little defensive of the posts that follow.
akron, oh
Posted 10:10 PM, 11/09/2009
If they lost their home, rent would have been as high as the house. The only blessing from renting is not paying the absurd property tax rate. Bless her for choosing stay-at-home. The government has no business raising babies and toddlers. The lil ones need to be home w / mom.
akron, oh
Posted 11:45 PM, 11/09/2009
The reason for the downfall of this once proud hoodsmen was this, OPERATION DUMBO DROP??! Plain and simple, he never had an exit strategy for this mission!
akron, oh
Posted 11:47 PM, 11/09/2009
Anyone want LaKia for 250/mo.?
bangor, me
Posted 12:55 AM, 11/10/2009
Heart Warming story. Good for them. Everyone deserves another chance. I guess being a grinder doesn't mean being "a grinder" anymore. I recognize him from the tennis ball hall of fame. I guess his career didn't take off as many once thought it would.
Akron, , OH
Posted 07:54 AM, 11/10/2009
Nonsense... Since when are the banks looking out for us..there protecting their own interest period!! If times were better they would not hesitate to foreclose on anybody.
What's even worse is the writer believes!
Green, OH
Posted 09:24 AM, 11/10/2009
Amazing how many haters out there are willing to bash a working-class couple with three kids living in a VERY modest home and doing the work that it took to get back on sound financial ground.
Would you have been happier if they went under or are you just torqued because they were able to use the 'Preserve the American Dream' program for exactly the purpose for which it is intended?
Creston, OH
Posted 03:46 PM, 11/10/2009
Glad they got some help. They are good people who had some bad luck. It doesn't bother me in the least that Karen is a stay at home mom. Do you people really think that babysitting, or a part time job is the answer?????? Get real. How much do you think that would really help??? When the main source of money(Frank) gets laid off well there you go. I would much rather help a tax payer than an illegal alien.
