Workshop on How to Avoid Repossession Houses

Posted on June 1st, 2009 in Foreclosure Crisis, Foreclosure Prevention

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 distressed 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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