Posted Tuesday, December 29, 2009 --- 1:15 p.m.

Press Release:

The Dane County Foreclosure Prevention Taskforce (DCFPT) announced the formation of three working groups— prevention, intervention, and stabilization—in its ongoing effort to combat the foreclosure problem in Dane County. “Our volunteers will continue working at the local level to prevent foreclosures and stabilize neighborhoods one home at a time,” said Dan O’Callaghan, a local attorney and co-chair of the Taskforce.

The Prevention committee will be distributing a local resource guide geared for homeowners in distress who are interested in proactively addressing their mortgage troubles. Topics will include advice for homeowners who have missed a mortgage payment, tips for negotiating with lenders, an easy-to-understand explanation of the foreclosure process and information about protecting important legal rights. The guide will also be made available to local lenders, real estate agents, judges and others.

The Intervention committee is providing support to the UW Law School’s Consumer Law Clinic in establishing a voluntary foreclosure mediation program in Dane County. The program, which is based on the model implemented in Milwaukee earlier this year by Marquette University Law School, is expected to be up and running during the first quarter of 2010.

The Stabilization committee’s focus is supporting the local nonprofit housing partners that are working to rehabilitate and repopulate foreclosed homes. The committee will be collaborating with the South Central Realtors Foundation, lending institutions and others to identify funding sources and begin implementing programs.

In the first quarter of 2010, the Taskforce will also conduct a series of community workshops. These workshops will assist homeowners in 1) identifying the root cause of their mortgage problems, 2) evaluating their financial positions 3) understanding the alternatives to foreclosure and 4) lessening the impacts of foreclosure.

Formed in 2009, the Dane County Foreclosure Prevention Taskforce is a coalition of government agencies, nonprofit organizations and other community partners working to address the foreclosure problem on a local level.