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A free foreclosure prevention workshop is being offered to homeowners who want to save their home from REO property listing.

The free workshop features representatives from various organizations, including The Pro Bono Resource Center of Maryland, Maryland Department of Housing and Community Development, Civil Justice Inc. and Catholic Charities of the Archdiocese of Washington.

The workshop will provide homeowners with information and legal advice about their foreclosure problem and where to seek help to save their houses from REO property listing.

Director of social concerns at St. Peter Anne Marie Prangley explained that the church offered to host the event to help the state disseminate the information about various available programs offered for homeowners to help them handle their foreclosure-related problems.

According to Prangley, foreclosures may not be a big problem in Maryland, particularly in Olney county, but still, she had received calls from homeowners who were concerned about the issue. Maryland offers several programs that could help distressed homeowners facing the threat of REO property listing, including the availability of about 800 pro bono lawyers who are trained to handle housing options and foreclosure cases.

Prangley said that many distressed homeowners are hesitant in coming out about their problem, with some refusing to acknowledge the fact that they are on the brink of losing their properties to foreclosures. She pointed out that coming forward and acknowledging the problem are the only way that troubled homeowners could get and receive help.

Workshop participants are advised to bring with them all documents pertaining to their former and current mortgages, including settlement papers, loan applications, notices of foreclosures, lender statements, threats of foreclosure and a copy or copies of their monthly home budget.

The Olney area, compared with other Maryland areas such as Germantown, Silver Spring and Gaithersburg, has not been severely affected by foreclosure. Out of the 78 resale houses on the REO properties listing, 18 are either bank owned homes or short sales.

Meanwhile, out of the 54 properties under contract in Olney, about 22 are either bank owned properties or short sales.

The free workshop to help distressed homeowners save their homes from REO property listing will be held at St. Peters Catholic Church on June 27.

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The California city of Los Banos has been suffering from drought for three years and from a staggering one-in-five foreclosure rate, but it has not received the kind of government repo funding received by other cities which got extra attention from the media.

U.S. Representative Jim Costa of California claimed that drought-hit Los Banos did not receive media attention as much as those received by cities battered by other disasters because drought is not as television-friendly as hurricanes and tornadoes.

Another California lawmaker, Representative Dennis Cardoza, said that there is a California not touched by beaches and movie stars ? a place of blocks and blocks of abandoned foreclosed houses.

Cardoza and Costa testified in June before members of the House Financial Services Committee who are reviewing a draft legislation aimed at declaring regions hit by disasters as economic disaster zones. These zones would be given special funding for the rehabilitation of private and government repo houses, creation of jobs and management of community development projects.

Los Banos is a San Joaquin Valley city with a population of 36,000. Due to the three-year long drought, the jobless rate has long surpassed the 21 percent rate level and the pace of private and government repo activities have reached the staggering rate of one foreclosure for every five homes in the city.

Because of inadequate water delivery, acres and acres of farm fields have been left uncultivated.

Los Banos Mayor Tommy Jones was also called by the committee to appear before lawmakers. The lawmakers were bothered by the report of the city that one in five households has been foreclosed and that the unemployment rate has gone beyond 21 percent. The city previously submitted to the federal government a request for funding to increase the number of its police officers.

Mayor Jones said that the national lawmakers wanted to make sure that the city did not err in its report of the number of households losing their homes to private and government repo actions.

Massachusetts Democratic Representative Barney Frank, chairperson of the finance committee, said that the hearing represents the start of the committee?s response to the problems in the San Joaquin Valley, considered the country?s biggest agricultural region.

However, Texas Republican Representative Jeb Hensarling questioned whether revising the Community Development Block Grant program is the correct solution to the region?s problem.

In response, Representative Cardoza reiterated that Los Banos cannot survive without getting the same level of funding received by other cities from the government repo prevention program and other community development programs run by the federal government.

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A free workshop for distressed homeowners who want to avoid repossession houses will be sponsored by the Lafayette Neighborhood Housing Services (LNHS) in Indiana.

The LNHS has experienced a rise in visits and telephone calls from distressed homeowners who are at risk of losing their houses to foreclosures.

The housing assistance agency aims to reach a great number of distressed borrowers to help educate them about how to avoid and deal with foreclosures. According to LNHS’ Marie Morse, most troubled homeowners wait for about a week before they make contact with the housing assistance agency to ask for advice on how to save their homes from foreclosure.

Morse said that most homeowners are embarrassed about their financial situation and do not want other people to know about their predicament. She explained that the free workshop that LNHS will sponsor is not just for troubled homeowners who are on the brink of losing their properties to foreclosures but also for those who want to be prepared in case they lose their jobs.

She added that the agency wants to give people advanced knowledge and to teach how to deal and cope with life changing situations such as foreclosures and unemployment.

The workshop, entitled “Buying time if your money is running out,” will be presided by Home Ownership Matters LLC Founder and President Mildred Wilkins. According to Wilkins, almost everyone is currently feeling the impact of the economic crisis. However, she pointed out that there are some strategies that people can use to cope with the crisis.

She said that those who will participate in the workshop will learn why bankruptcy is not a way to avoid foreclosures. She plans to provide tips to participants on how to extend the family’s income, such as reducing household expenses and grocery shopping costs.

Meanwhile, Morse said that the LNHS has hired a full-time and a part-time counselor to handle requests for help over the telephone. The housing assistance agency serves nine counties in Indiana and is providing counseling to nearly 200 individuals a year.

On the other hand, Morse noted that there is so much pressure on individuals who lost their jobs, especially to homeowners who had been paying their mortgage payments for a long time. She said that five years ago, most people who came to the NHS were seeking counseling on mortgage rate adjustment. Now, most of them are seeking help to avoid repossession houses.

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Finally, the federal government has recognized the prevalence of scammers victimizing homeowners who fear their houses will become foreclosed homes if they do not hire companies specializing in foreclosure prevention.

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Prices for new, existing and repo homes are expected to decline another 10 percent over the 27 percent drop experienced by the housing market since it peaked in 2006.

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The release of the guidelines of President Obama’s $75 billion program on the promised date shows the administration’s commitment to solve the national foreclosure crisis. As foreclosures by state are reduced, states’ housing markets recover, leading to a national housing market recovery.

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Just like many others across the country, people in Arizona are hoping that President Barack Obama succeeds in his efforts to avert further foreclosures across the country. The president is set to travel to Arizona to launch his $50 to $100-billion program to address the foreclosure crisis.

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Foreclosures in the nation are centered on 4 states. Even if it is just a few, the whole country would still experience the burden of releasing them from the problem.

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Loan servicers have quite a reputation. They collect mortgage payments and keep the records and they have no concern other than to keep profit coming. In these times when homeowners are faced with foreclosure crisis, they play a very vital role.

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In an effort to stave off the rising number of foreclosure homes, the Davidson County Community Action has decided to host a foreclosure prevention seminar by the end of this month.

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