Struggling Homeowners Aim To Avoid Foreclosure

INDIANAPOLIS -- Homeowners teetering on the edge of foreclosure took a closer look Saturday at some options that may help them keep their homes.

Michael Kaylor, who works in the home service industry, said gas for his truck guzzles his profits as he drives from house to house.

"I can't pay my mortgage because gas prices went up so much," Kaylor said. "I am paying $600 a month just to do my job."

Like thousands of Hoosiers, Kaylor is behind on his mortgage payments. Indiana has one of the highest foreclosure rates in the U.S.

Kaylor said he hopes lending institutions and financial experts can help him find a way to catch up on his payments before he becomes part of a troubling trend.

Kaylor hoped the tax stimulus check would bail him out of trouble, but because he didn't have his refund directly deposited, the check is several weeks away.

"I was counting on that stimulus check coming," Kaylor said. "I was on disability for 10 months. I made more money on disability than I am making working."

ACORN, or the Association of Community Organizations for Reform Now, held a foreclosure fair in Indianapolis Saturday to help address homeowners' concerns, 6News' Cheryl Jackson reported.

The organization is dedicated to preserving neighborhoods and keeping families in their homes.

"People are really feeling the crunch with gas prices, health care costs, loss of jobs," said David Van Thournout, of ACORN.

As a real estate agent, Kelly Clark was hurt in more ways than one by the downturn of the housing market. The market decline cut her income and forced her into foreclosure.

"Things started to fall apart about a year ago," Clark said. "I have a sale date on Wednesday. I am trying to get that put off."

A common theme emerged from some of the personal stories -- adjustable rate mortgages. Payments that were low to begin with skyrocketed over the last couple of years for many homeowners.

More than a half-dozen houses on the same street Clark lives on have been foreclosed upon since she moved there two years ago.

About 40 people came to the fair. Anyone who would like more foreclosure help information can call 317-926-5622.