Foreclosure Prevention Seminar Announced

Posted on August 14th, 2008 in Foreclosure Prevention, North Carolina by Alana

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.

Foreclosure Prevention Seminar Announced in Davidson County, North Carolina

The said event is a response to the overwhelming 552 percent increase in foreclosure filings in the last ten years. With the soaring interest rate and increasing unemployment rate, the weak local economy has become one of the factors that is currently resulting to more and more homeowners in danger of losing their homes to foreclosure.

According to the data gathered by the Community Action group, many homeowners are delayed on their mortgage payment by as long as 40 days. Such delay is considered to be manageable enough and these homeowners will only need some form of intervention in order for them to avoid foreclosure.

If the delay in mortgage payment lasts longer than three months, it will become very difficult for the homeowner to catch up with their mortgage payments. Foreclosure experts advise that, before legal people got involved, homeowners should try to turn around and solve their mortgage problems.

This is perhaps the reasons why many local officials believe that the foreclosure prevention seminar will provide much needed assistance. Among the many attendees is a lawyer from Legal Aid of North Carolina, who will be discussing the many options that homeowners can explore in order to avoid losing their homes to foreclosure.

Local banks are also contacted so that they could encourage their clients to attend the said seminar.

Pre-registration is required but no fees will be charged to the attendees.

Distressed homeowners should take advantage of opportunities such as these so that they could gather sufficient facts and information about the foreclosure process. In any event, it will certainly help them make informed decisions regarding their mortgage obligations.

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