As foreclosures continue to be a problem in our community, Fifth Third Bank is taking an aggressive step to help some customers stay in their homes.
They've teamed up with NextJob, a re-employment solutions company, to offer a unique program, the first of it's kind in the country being offered by a bank.
Fifth Third tested it in a number of communities last year, including Toledo. The bank is now launching it everywhere for unemployed customers who are struggling to make their payments. It's a program that should pay dividends for the entire community.
Bob LeClair heads up Fifth Third Bank of Northwest Ohio. "If we are ever going to see a rebound in the housing market we have to stem the number of foreclosures in our community and this is just another way for us to help do that," he says.
The program was tested with unemployed Fifth Third customers who were in serious risk of defaulting on their mortgages. According to the bank, about half of all mortgage delinquencies are due to job loss. "We're always looking for ways to improve the communities we are in. We're hoping to take a tough situation and be creative in addressing a need we believe the community has," says LeClair.
Customers who were part of the test program had been out of work for an average of 22 months, but, after going through the program, almost 40 percent were fully employed after six months.
"The average foreclosure costs the bank $50,000-$60,000 dollars, so if we can help keep people in their homes, it is a win-win for all of us," LeClair says.
After identifying customers in need, Fifth Third connects them with NextJob. NextJob then provides things like one-on-one coaching, weekly webinars and on-line job search software, and the entire cost is picked up by Fifth Third.
"There is no one magic bullet , it is a lot of little things done right that help. We think this is one program that will help a lot with this recovery," LeClair says.
Fifth Third and NextJob have signed a multi-year deal for the program. They hope to put several hundred people through it this year. Customers can use the program for up to 39 weeks.
Thursday, May 23 2013 11:03 PM EDT2013-05-24 03:03:13 GMT
A Perrysburg Township packaging plant is closing this summer, affecting 126 employees at the location. We're told an agreement allowing Diamond Crystal Brands to sell Splenda sweetener will expire at
A Perrysburg Township packaging plant is closing this summer, affecting 126 employees at the location.
Thursday, May 23 2013 11:34 PM EDT2013-05-24 03:34:48 GMT
13abc and the Red Cross are teaming up for our Road to Recovery Phone Bank to provide information about helping the victims of the Oklahoma tornado and other disasters. Volunteers will be at the station
13abc and Red Cross teamed up for our Road to Recovery Phone Bank Thursday to provide information about helping the victims of the Oklahoma tornado and other disasters.
Thursday, May 23 2013 11:10 PM EDT2013-05-24 03:10:04 GMT
MOUNT VERNON, Wash. (AP) - The Washington State Patrol says the Interstate 5 bridge over the Skagit River at Mount Vernon has collapsed, dumping vehicles and people into the water. Trooper Mark Francis
The Interstate 5 bridge over the Skagit River at Mount Vernon collapsed Thursday evening, dumping vehicles and people into the water, the Washington State Patrol said.
Thursday, May 23 2013 9:57 PM EDT2013-05-24 01:57:54 GMT
COLUMBUS, Ohio (AP) - A proposed constitutional amendment legalizing medical marijuana and certain uses of hemp has cleared Ohio's ballot board. The panel's approval Thursday sends the issue into its
A proposed constitutional amendment legalizing medical marijuana and certain uses of hemp has cleared Ohio's ballot board.
Thursday, May 23 2013 8:40 PM EDT2013-05-24 00:40:05 GMT
PHOENIX (AP) - The jury in Jodi Arias' trial was dismissed Thursday after failing to reach a unanimous decision on whether the woman they convicted of murdering her one-time boyfriend should be sentenced
The jury in Jodi Arias' trial was dismissed Thursday after failing to reach a unanimous decision on whether the woman they convicted of murdering her one-time boyfriend should be sentenced to life or death in a case that has captured headlines worldwide with its sex, lies, violence.
Thursday, May 23 2013 8:38 PM EDT2013-05-24 00:38:38 GMT
(ABC News) -- The Boy Scouts of America today voted to lift its longtime national ban on admitting openly gay Scouts but will continue to exclude openly gay adults from leadership roles. The vote
The Boy Scouts of America today voted to lift its longtime national ban on admitting openly gay Scouts but will continue to exclude openly gay adults from leadership roles.
Thursday, May 23 2013 8:02 PM EDT2013-05-24 00:02:06 GMT
The 27-year-old woman who was on the ground staring into the barrel of a shotgun says Toledo police officers saved her life. Valarie Williams tells 13 ABC's Christine Long that it is nothing short of
The 27-year-old woman who was on the ground staring into the barrel of a shotgun says Toledo police officers saved her life. As a man stood over her pointing a shotgun to her face, Valerie Williams says, "It was like an angel came because the cops pulled up."
Thursday, May 23 2013 6:22 PM EDT2013-05-23 22:22:19 GMT
Some families in Maumee were surprised to open their utility bills and find some were ten times the normal amount. Many come from the Wrenworth subdivision and say they've been getting these very high
Some families in Maumee were surprised to open their utility bills and find some were ten times the normal amount. Many come from the Wrenworth subdivision and say they've been getting these very high bills recently and now they're asking why. At least one family did not get an actual meter reading in several months.
Thursday, May 23 2013 6:25 PM EDT2013-05-23 22:25:21 GMT
Planning is underway for the First Annual African American Male Wellness Walk in Toledo. The walk will be held August 3, 2013 at the African American Legacy Project located at 1326 Collingwood Boulevard.
Planning is underway for the First Annual African American Male Wellness Walk in Toledo. The walk will be held August 3, 2013 at the African American Legacy Project. Go to 13abc.com for details.
All content © Copyright 2000 - 2013 WorldNow and WTVG. All Rights Reserved.
