HUD Announces Foreclosure Prevention Workshop to Help More Michigan Families Keep their Homes

Secretary Jackson to deliver keynote address; Lenders, counselors to be on hand to help first-time homebuyers and troubled homeowners

DETROIT, Nov. 14 /PRNewswire/ — The U.S. Department of Housing and Urban Development will sponsor a free homeownership workshop in Detroit at the Metropolitan United Methodist Church on Thursday, November 15, 2007 from 2:00 to 8:30 p.m. The workshop is designed to help current homeowners concerned about losing their homes to foreclosure, and prospective homeowners who want to make the right choice when they buy. HUD Secretary Alphonso Jackson will kick-off the event by discussing several of the Administration’s foreclosure prevention initiatives.

“Foreclosure benefits no one. The most important tool struggling homeowners can have at their disposal to avoid losing their homes is information. This workshop will ensure families know their options and have access to the resources they need to secure the dream of homeownership,” said Jackson.

Attendees can choose from several seminars aimed at their specific financial situation. Homeowners currently delinquent on their mortgages can participate in a seminar on their options for keeping their homes. A second seminar will focus on refinancing options for those not yet delinquent, but concerned about increased mortgage payments when their loans reset to higher interest rates. The third seminar is targeted to prospective homebuyers — those thinking about homeownership for the first time.

Among the programs to be discussed at these seminars will be FHASecure, a new loan product for current homeowners who are delinquent because their mortgage payments dramatically increased due to a significant change in their interest rate.

All three seminars will feature representatives of lenders, housing counseling agencies, and State and Federal housing officials. In addition, attendees will have the option of meeting one-on-one with a lender or a housing counselor to discuss their personal situation in more detail. Among the many organizations participating in the clinic are HUD’s Federal Housing Administration; the Detroit HOPE coalition; Fannie Mae; Freddie Mac; Mission of Peace, a Detroit-based national housing counseling organization; other housing counseling agencies; and many major lenders that service and originate loans in the State of Michigan.

The clinic will also feature an exhibitor’s hall where attendees can obtain information from lenders including Chase, Flagstar, Countrywide, National City and other local housing counselors, and public agencies. Staff at these information booths will be available throughout the day to talk with attendees, answer questions, and provide resources for their homeownership needs.

Families interested in attending or obtaining information about the workshop should call 1-800-CALL-FHA (225-5342) and select option #9. A customer service representative will help individuals register for the workshop and provide directions to the event. The Metropolitan United Methodist Church is located at 8000 Woodward Avenue, Detroit, Michigan 48202.

HUD is the nation’s housing agency committed to increasing homeownership, particularly among minorities; creating affordable housing opportunities for low-income Americans; and supporting the homeless, elderly, people with disabilities and people living with AIDS. The Department also promotes economic and community development as well as enforces the nation’s fair housing laws. More information about HUD and its programs is available on the Internet at www.hud.gov and espanol.hud.gov.

SOURCE The U.S. Department of Housing and Urban Development

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