Foreclosure advice workshops

If you are facing foreclosure because you defaulted on your home loan payments, you need to know that help is available for you. The Humphreys, Wallace and Humphreys law firm in collaboration with the Oklahoma Consumer Credit Counseling Service is organizing workshops giving help to people faced with foreclosure. This is a measure taken after it was felt that the already huge problem of foreclosure in Oklahoma is going to get worse.

The interest on adjustable rate mortgages is going to reset, leading to increased amounts of foreclosures. One in every one hundred and forty three homes in
Oklahoma has experienced foreclosure. In the first six months of this year itself, 2,712 reported foreclosures were filed. Mortgages are causing an increasing number of people to seek counseling services. Pressure from lenders, illegitimate appraisals and abusive loan practices force borrowers into debts they cannot afford to pay back in any manner, and this exacerbates the problem. To stop further worsening of the problem, debtors are advised to seek help in the form of counseling immediately and without fail. Debtors reduce their own options the longer that they delay counseling.

Credit counselors may be approached at these workshops so that debtors facing foreclosure can seek help and consult with these experts. At the workshop, the various steps of foreclosure shall be examined along with the options available for the borrowers. These workshop sessions will take place over Tuesday and Thursday evenings and are free for people to attend. The timing of both workshops are from six to eight p.m. and the first will take place at Rudisill regional library while the second will happen at Broken Arrow Library. It is really important to act immediately when faced with foreclosure, and get expert help right away.

Expert help will make you aware of your rights and what you can do to protect them, and tell you about the policies that your lender has adopted. Legally, foreclosure sales are not profitable for lenders and the banks do not really want to sell your home forcefully, so if you consult experts and come up with a plan that will stop them from carrying out the foreclosure.

By shutting out help in this difficult time, you would only be worsening your situation and reducing your options – thereby reducing the chance of a solution. If you have been pushed into a debt you could not really afford in the first place, you need to talk to experts and get yourself out of this mess. Foreclosures cost lenders a lot of money too, and as such lenders are often willing to work out a negotiation. Get over your fear of foreclosure and start talking to your lender immediately. If you are having problems due to fraudulent and abusive lending practices you should not hesitate to tell your expert consultant about it – you can definitely protect yourself in this situation. You can also opt for forbearance – there are opportunities for you to stop that foreclosure from occurring. Attending these workshops will make it easier on you.

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• Government thinking about Foreclosure Freeze

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