This is not grim news. Instead it is meant to help people who may have fallen behind on their mortgage payments. This Saturday, Valentine' s Day, The Federal Reserve Bank of Boston is sponsoring a Foreclosure Prevention Workshop at the Hartford Convention Center from 10 a.m. to 4 p.m. Bankers and credit counsellors will be available to talk to struggling homeowners. In similar events, many homeowners have been able to reduce their mortgage payments after speaking to their lender.
I was informed of this event by an email from my Senator Joseph Lieberman. The event is free, open to the public, and no invitation is needed to attend. In addition to bank representatives, foreclosure prevention cousellors from non profit groups will be available to help. The location for the seminar is 100 Columbus Boulevard in Hartford. You can call for information at 860-249-6000 or log onto the website at: www.theinformedhomebuyer.org. Buyers should bring records of their income,debt, mortgage and other expenses to expedite the process.
For the most part, lenders don't want to be property owners. They are in the business of lending, not property management. It is very expensive for the lender to foreclose on a property and then sell it. Most often, the buyer for the property is the very person currently living in it. Doesn't it makes better sense to negotiate with them, rather than foreclose and dislocate individuals and families? Besides the expense to the bank, there is the cost to society and the local real estate market. Let's take on this issue of distressed homeowners head on, and stem the tide of foreclosures.
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