Oakland County homeowners facing foreclosure will get the chance to meet with representatives from major mortgage lenders to negotiate loan modifications, qualify for relief programs, or achieve a "dignified exit" from their current mortgage with minimized damage to their credit score at a foreclosure prevention forum sponsored by Oakland County Treasurer Andy Meisner's Oakland County Foreclosure Prevention Initiative.
The event happens on Tuesday, July 31, from 10 a.m. to 7 p.m. at Oakland Community College's Auburn Hills campus, 2900 Featherstone Dr., Student Center, Building G.
"Mortgage foreclosure is the leading cause for dropping property values that Oakland County has experienced since the housing meltdown," said Oakland County Treasurer Andy Meisner. "Every foreclosure we prevent keeps a family in their home, and prevents people paying their bills on time from becoming innocent victims of foreclosures in their neighborhood."
Participants in the forum will have the chance to meet one-on-one with housing 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, determine their eligibility for the Hardest Hit-Step Forward mortgage subsidy program, or 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, New Hope, Southwest Solutions, Mission of Peace and MSU Extension. Mortgage lenders participating include Chase, Bank of America, GMAC, Flagstar, Fifth Third, Wells Fargo and PNC.
Meisner launched the Oakland County Foreclosure Prevention Initiative (OCFPI), 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 Lauren Borson at 248.858.0627. The OCFPI website has had 1,752 visitors to the website to date.
Foreclosure causes property values within 300 feet to drop by 1.3 percent, according to the Brennan Center for Justice. The cost to lenders, homeowners, neighbors, and government can add up to about $80,000 per foreclosed home, according to the U.S. Joint Economic Committee.
Wednesday, April 24 2013 5:07 PM EDT2013-04-24 21:07:25 GMT
Following a 1.6 billion first quarter profit, Ford CFO Robert Shanks talks to Murray Feldman about what the record means to the company now and moving forward.
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Monday, April 22 2013 8:10 PM EDT2013-04-23 00:10:09 GMT
Perhaps you've heard or seen ads promising bad credit can be erased. Lisa Ross from the Michigan Department of Insurance and Financial Services has a warning for consumers.
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Wednesday, May 22 2013 9:52 AM EDT2013-05-22 13:52:16 GMT
Jersey shore town is celebrating a milestone as it rebuilds from Superstorm Sandy. Belmar officials will reopen their 1.3-mile boardwalk that was destroyed by the October storm.
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Ex-congressman Anthony Weiner whose career imploded after raunchy tweets said in a YouTube video announcement that he's in the New York City mayoral race.
Ex-congressman Anthony Weiner whose career imploded after raunchy tweets said in a YouTube video announcement that he's in the New York City mayoral race. A poll released Wednesday placed Weiner in second place behind City Council Speaker Christine Quinn in a Democratic primary.
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Wednesday, May 22 2013 7:09 AM EDT2013-05-22 11:09:33 GMT
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Tuesday, May 21 2013 9:51 PM EDT2013-05-22 01:51:10 GMT
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Wednesday, May 22 2013 9:45 AM EDT2013-05-22 13:45:43 GMT
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Authorities say a 72-year-old suburban Detroit woman has been arrested after firing a shot from a .38 caliber handgun at her daughter during an argument.
Wednesday, May 22 2013 7:38 AM EDT2013-05-22 11:38:56 GMT
A memorial service is this weekend for a newly married Detroit-area youth minister who was killed in a traffic accident as he and his wife were en route to their honeymoon in Myrtle Beach, S.C.
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Wednesday, May 22 2013 2:28 AM EDT2013-05-22 06:28:15 GMT
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Wednesday, May 22 2013 2:17 AM EDT2013-05-22 06:17:02 GMT
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Wednesday, May 22 2013 12:02 AM EDT2013-05-22 04:02:09 GMT
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
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Tuesday, May 21 2013 10:59 PM EDT2013-05-22 02:59:19 GMT
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Tuesday, May 21 2013 10:14 PM EDT2013-05-22 02:14:08 GMT
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
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Tuesday, May 21 2013 8:22 PM EDT2013-05-22 00:22:30 GMT
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
