Weekend Foreclosure Workshop

February 29th, 2008 | Tags: Foreclosure

The residents are losing the value of their houses propelled by ignorance, fraud and panic. The victims have been asked to attend a foreclosure workshop on Saturday that will begin from 9 am in Antioch. The expectation is that by talking to experts and learning about the financial ins and outs the people might be able to cling on to the houses that are their homes and check foreclosures. The workshop attendance is free at Holy Rosary Church Parish Center. Lending giants like Wells Fargo and Indymac Banks will be participating. Their representatives will talk to individual sufferers. The workshop has been organized by Contra Costa Interfaith Supporting Committee Organization. The Martinez group is a non-profit organization comprises of representative of many churches and schools who train person to grapple with social problems specifically affecting their communities. The workshop will link up different segments of society embroiled in the housing crisis.

The emergence of the housing market crisis will be retold. There are 502 houses in Antioch that are in foreclosure; 336 are valued at less than the loaned amount – that is 70% of the listed properties. The position in Oakley is not much better with 64% being in foreclosure and 65% being up for short sales. The rising number of foreclosures in the locality is having a negative impact on the psychology of the residents. The losses might have been avoided if the lenders and the loan officials had not peddled the adjustable rate mortgages to people whom they very well knew could ill afford it. They had persuaded people to pay $1,000 and move into a house convincing them that within a year or so they will be able to pay $3,000 or $4,000. Unfortunately with the economy spinning down the chances of doing so became slimmer.

At the workshop potential buyers will be able to meet lenders to understand the nuances before signing documents. There are matters that need understanding – getting a good faith estimate and knowing whether there are complaints listed against the lender. Those about to obtain a loan will be advised by representatives of Keller Williams Realty regarding the bonafides of the lender so that there are no lurking dangers. Lenders will be advising the participants about budgeting their income balancing income with spending. This will make loans affordable. Those already in the soup will be advised how best to tackle foreclosures without running away.