Sunday, January 11, 2009

Follow up to "Mortgage Foreclosure Prevention Workout Sessions - Anderson"

The Herald Bulletin did go to the conference on mortgages and wrote about it in Locals fight foreclosure head on:
"Mike DeAgostino, who conducted exit interviews as homeowners finished counseling and workshop sessions, said one theme kept reappearing: “It’s the economy.”

DeAgostino said he heard stories of hours being cut at work, gas prices making commutes difficult and homeowners losing their jobs because of businesses struggling in the weak economy.

Mike Pickrell of Ivy Tech said Anderson was an appropriate host for the event.

“The community has been hard hit,” Pickrell said. “It makes sense to bring IFPN here.”"
Some day I want to see Anderson described as something other than "hard hit."

Along similar lines, The Indianapolis Star published Hoosiers strike deals to avoid foreclosure with the following information:

HOW TO MODIFY YOUR MORTGAGE

If you can't pay your mortgage and need help, experts advise:
» Tell your mortgage company right away. That lets the company and you get started on a plan.
» Find out what leeway your mortgage company or servicer has to help you. Many mortgages are sold to investors, and the service companies hired to deal with homeowners aren't legally allowed to change the terms of the mortgages. In that case, your options are limited.
» Expect to submit income data and other financial information as part of a mortgage modification. Some companies will take information online.
» Turn to a nonprofit consumer credit agency for free help. Its counselors are trained to negotiate with lenders on behalf of homeowners.
» New legislation is pending in the General Assembly and in Congress that could give homeowners significant new rights to modify their mortgages. A congressional bill would let bankruptcy judges lower interest rates and balances on mortgages, something they now can't do. State legislation might compel companies to offer a mortgage workout before filing a foreclosure.

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