Public Date: May 18, 2010
Contact: Andy Meisner
Phone Number: 248-858-0624
Pontiac, Michigan – Oakland County homeowners facing foreclosure will get the chance to meet with representatives from major mortgage lenders and seek to negotiate loan modifications or "dignified exits" from their current mortgage at a foreclosure prevention forum on Saturday, May 22 from 9 a.m. to 2 p.m. at Oakland Community College's Auburn Hills campus.
"The national foreclosure crisis has hit Oakland County hard," said Oakland County Treasurer Andy Meisner. "This foreclosure forum will help Oakland County to keep families in their homes, while protecting our property values and the tax revenues that are based on those property values."
Participants in the forum will have the chance to meet one-on-one with counselors and actual negotiators from mortgage lending institutions.
Some homeowners will be able to renegotiate the terms of their mortgage with lower interest rates or principal being spread out over a longer period of time, while others will achieve "dignified exits" from their debt, including short sales and deed-in-lieu-of-foreclosure arrangements.
Housing counseling agencies participating include Oakland County Community and Home Improvement, Lighthouse of Oakland County, JVS, OLHSA, and Greenpath Debt Solutions. Mortgage lenders participating include Chase, WAMU, EMU, Bank of America, HSBC, Litton, GMAC, Flagstar, CITI and others.
Meisner recently launched the Oakland County Foreclosure Prevention Initiative, a partnership between the United Way and the housing counseling agencies listed above. People facing foreclosure can reach the Initiative at its website, www.fightmortgageforeclosure.com/oakland, or by calling 248-858-0627.