Workshop for Foreclosure Prevention

Posted on August 18th, 2009 by saman

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Montgomery County’s Marquita Fell spends 50% of her entire salary on personal mortgage. Even with this rate, it will not be possible for her to make her payments on time. A single mother named Alice from the county of Prince Georges is already months behind on personal mortgage. Right now, she cannot afford her existing payment; however, her bank refuses to renegotiate her personal loan and has even threatened her with foreclosure.

These two stories have recently been shared with state officials within Prince Georges during a workshop of foreclosure prevention designed to aid housing officials in learning what homeowners that face the foreclosure brink are going through, as well as offer homeowners updates on the efforts of the state in preventing foreclosures and encouraging troubled homeowners to look for assistance. There would be no shame in looking for help. If anything, shame might lie in not looking for help.

The state has already launched hotlines last year which have fielded a minimum of 25,000 phone calls from various homeowners all over the state. The hotline counselors have already helped a minimum of 6,800 people when it came to avoiding foreclosure. Still, more work needs to be done.

Maryland had created task forces within the year of 2007 in order to find several ways in promoting and preserving homeownership. Their recommendations have led to several highly sweeping legislation pieces to properly address the crisis of foreclosure within the country. Initiatives came with emergency regulations which extended the periods of time prior to homes getting into foreclosure, as well as tougher penalties for people involved within illegal schemes of mortgage.

With a third of the cases of foreclosure within the state, the county of Prince Georges has been hit the hardest when it comes to the crisis of housing. However, the governor claims that no county would be immune to this crisis. As stated within a first-quart report of this state, Maryland already had 9,320 events of foreclosure. This includes bank purchases, sales notices and default notices between the months of January and April.

Charles County had 350 events of foreclosure (3.8% of the state’s complete total) while the county of St. Mary had 76 events of foreclosure (0.8% of the state’s complete total) and Montgomery had 1,639 events of foreclosure (17.6% of the state’s complete total).

Homeowners are being implored to look for proper help. A lot of people tend to go to con artists that illegally ask these homeowners for money in order to aid them when it comes to keeping their homes.

One single mother paid some company 1,300 dollars to keep her house. This company advised her to stop tithing to church. Now, the lender wants to take the house 36,000 dollars. Although this single mother doesn’t mind giving up her house for this amount of money, she is still aware that she will require a place to live in. She has already been directed to several lawyers and counselors who can offer her proper help.