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Last updated on Thursday, August 21, 2008
(INDIANAPOLIS) - An advocacy group for poor-and-middle-income families calculates every mortgage foreclosure in Marion County will cost the community $85,000 dollars.
Acorn ranks 1,700 home loans made in 2006 as likely to go into foreclosure this year. It calculates that will cost local government $33-million dollars in lost tax money and other costs, while knocking a percentage point off the values of other homes in those neighborhoods. The group pegs the loss to homeowners and lenders at $77-million.
Acorn is sponsoring a "foreclosure fair" a week from Saturday at the John H. Boner Center, with federal housing counselors on hand to talk with homeowners about intervening with their lenders to restructure their mortgages.
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