Thursday AM October 1st, 2009

A foreclosure prevention seminar is set for Saturday, with experts talking about loan modification and refinancing services that are available. Ed Mayberry reports.

Congressman Al Green has organized the four-hour weekend seminar in collaboration with the Federal Reserve Bank, the Department of Housing and Urban Development and several financial institutions.  Workshops will focus on how to prevent a foreclosure, with experts also offering debt, credit and money management advice.

“You should bring your hardship letter explaining why you may in default.  You should bring your stubs—at least two most recent stubs, your tax returns, your W2 forms if you’re self-employed, your most recent bank statements.  All of these things, if you bring them with you, you can actually talk to someone who may be able to assist you with refinancing or modification.”

Representative Green says experts will counsel attendees about refinancing options.  Those with concerns about bailing out bad loans, Green says, might instead look at the foreclosure problem as something that affects their community.

“We’re not helping just the individuals who will receive the specific attention, we’re also helping the entirety of the community by keeping the property values up.  When those property values start to decline, then your tax base starts to erode.  That means that schools can be impacted.  Fire and police services can be impacted.  While we sleep in our houses, we really live in our neighborhoods.” 

The Foreclosure Prevention seminar is set for 10 a.m. to 2 p.m. Saturday at the Houston Community College Willie Lee Gay campus on Airport.  Ed Mayberry, KUHF Houston Public Radio News.

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