Hundreds Gather For Home Foreclosure Prevention Help
Local Event Mirrors National Need For Assistance
Posted: 2:49 am CDT August 2,2009
MADISON, Wis. -- Three hundred people turned out for a free workshop on Saturday designed to help homeowners lower their mortgages and keep their homes out of foreclosure.The workshop, entitled "Fix Your Loan, Keep Your Home," was run by the Dane County Foreclosure Prevention Task Force.Workshop organizers said that unlike foreclosures of the past few years, many foreclosures of today aren't due to predatory and sub-prime loans. Instead, the rising number of current foreclosures can be largely attributed to the aftermath of those loans on the overall economy, and the job loss that came with it, WISC-TV reported.May Lee Moua-Vue, one of the volunteers on the task force, said she wants to help homeowners better their financial situation largely because she's been there herself."We started this in September, and we did have a loss of income in our family," said Moua-Vue. "That was one of the main reasons why we also needed the loan modifications to help us."Moua-Vue's family was stuck in an adjustable rate mortgage, and after several failed attempts to change the mortgage with their lender, Moua-Vue found help through the foreclosure prevention taskforce."Finally, the sixth time, we heard something from the lender," said Moua-Vee. "We were able to be put in this trial repayment plan. We're towards the end of it, so we're hoping it will close and just come through."Event organizer Dan O'Callaghan notes that the work being done by the taskforce reflects similar national efforts."It's really starting to pick up steam now, the effort to help struggling borrowers say in their homes," said O'Callaghan.Moua-Vue is just one of approximately 140 volunteers in Dane County, from attorneys to housing counselors, who are helping homeowners take advantage of options like the federal "Making Home Affordable" program.People who attended the workshop will be well on their way to sorting out their foreclosure issues."They're going to leave with a completed application, that's already been faxed to their servicer, and they received some information at this workshop that's going to help them follow up with their servicer," said O'Callaghan.For her part, Moua-Vue is doing all she can to help knowing full well how important the cause is."I'm really happy that there's been somebody helping me and my family along the way," said Moua-Vue.Event organizers said that with the big turnout Saturday, they are already planning on holding a similar event again soon.For anyone who did not attend the workshop but would like help, organizers suggested contacting their mortgage company – there is a phone number on most mortgage statements – and asking them what can be done to help, through homeownership preservation options, or the "Making Home Affordable" program.For more information, go to the Dane County Foreclosure Prevention Task Force's Web site.
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