Hundreds Attend Stockton Workshop On Foreclosures

February 6th, 2008 | Tags: Foreclosures

State Senator Mike Machado and Assemblywoman Cathleen Galgiani organized the workshop at Stockton last Saturday. It far exceeded the two hours that had been set aside for the venue since hundreds crowded in. There were credit counselors, lenders and interested individuals.

Machado commented that it was a great first step to get the people to break the ice of reserve and attend the workshop. The borrowers tend to shy away basically because they do not understand the twists and turns of foreclosures. Secondly they have preconceived notions about the lender being an unapproachable ogre. Thirdly the borrowers feel ashamed to come out in the open about their predicament.

Nancy Chastain and Keith Spalding were one among the many foreclosure victims who attended the Stockton workshop. Their monthly commitments had gone up from $1,700 to $3,000 per month. Things became worse when Nancy lost her bookkeeping job. Without savings and without a job, trouble started in real earnest for them since last November. They turned to a credit counselor who noted all the details and assured them of helpful suggestions.

There are no immediate plans for further workshops in Stockton but two will be held on 1^st March in Merced County. The first one will start at 9.30 am at Los Banos City Council chambers. Later on the same day the second session will start at 1 pm at Merced City Council Chambers.

The foreclosure game is no longer confined to the playing court of the lender and borrower. It has spilled over to the entire society with the lenders taking a battering as well. Charges and counter charges are being made. While the mud slinging is going on the country is on the verge of recession. Job loss has aggravated the picture. Stocks are tumbling. The dollar is falling and ripples are being felt all over the globe. The peddling of sub-prime floating interest mortgages to all and sundry without checking on their income or ability to repay had started off the housing boom. But when the honeymoon period of low negligible interest expired and reality bared its fangs the edifice began to crumble. Million went into foreclosure. The lenders now do not know what to do with the houses, as there are no buyers. The neighbourhoods have become eerie and haunted with abandoned houses. And the government at all levels is finding their tax kitties getting slimmer by the day.