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.
Tuesday, June 11 2013 9:45 AM EDT2013-06-11 13:45:47 GMT
Specs Howard School of Media Arts, a Michigan owned and operated school is making $250,000 dollars in scholarships available to individuals seeking training in technology driven courses including Broadcast Media.
Specs Howard School of Media Arts, a Michigan owned and operated school is making $250,000 dollars in scholarships available to individuals seeking training in technology driven courses including Broadcast Media.
Friday, June 7 2013 1:39 PM EDT2013-06-07 17:39:14 GMT
If stocks are soaring and the DOW-JONES is reaching all time highs, why aren't companies hiring at a high rate too? Here's a clue: The Federal Reserve.
If stocks are soaring and the DOW-JONES is reaching all time highs, why aren't companies hiring at a high rate too? Here's a clue: The Federal Reserve.
Monday, June 3 2013 10:22 AM EDT2013-06-03 14:22:00 GMT
You might think it's just a kind gesture, but did you know when you let someone borrow your car, you're also letting them borrow your insurance policy?
You might think it's just a kind gesture, but did you know when you let someone borrow your car, you're also letting them borrow your insurance policy?
Wednesday, June 19 2013 8:03 PM EDT2013-06-20 00:03:28 GMT
"I don't blame the clerk," Mike Duggan said as he ended his mayoral bid. Two courts ruled he cannot be on the ballot because he had not lived in Detroit for a year when he filed.
"I don't blame the clerk," Mike Duggan said as he ended his mayoral bid. Two courts ruled he cannot be on the ballot because he had not lived in Detroit for a year when he filed.
Wednesday, June 19 2013 8:00 PM EDT2013-06-20 00:00:10 GMT
The Detroit Red Wings and city officials on Wednesday announced a $650 million plan for a new arena development for the NHL team in Detroit's downtown entertainment and sports district.
The Detroit Red Wings and city officials on Wednesday announced a $650 million plan for a new arena development for the NHL team in Detroit's downtown entertainment and sports district.
Wednesday, June 19 2013 5:41 PM EDT2013-06-19 21:41:47 GMT
FBI agents grabbed shovels and combed through dirt and mud in the search for Jimmy Hoffa's remains or clues to the disappearance of the former Teamsters boss. Once again, the search was futile.
For at least the third time in a decade, FBI agents grabbed shovels and combed through dirt and mud in the search for Jimmy Hoffa's remains or clues to the disappearance of the former Teamsters boss. Once again, the search was futile.
Wednesday, June 19 2013 4:32 PM EDT2013-06-19 20:32:27 GMT
Lt. Gov. Brian Calley has signed a bill giving local governments in Michigan power to restrict the use of fireworks on the day before, during and after a national holiday.
Lt. Gov. Brian Calley has signed a bill giving local governments in Michigan power to restrict the use of fireworks on the day before, during and after a national holiday.
Wednesday, June 19 2013 4:24 PM EDT2013-06-19 20:24:16 GMT
Kolcraft is recalling more than 96,000 Jeep Liberty strollers after at least 18 people were injured by tire blowouts, the Consumer Product Safety Commission said Wednesday.
Kolcraft is recalling more than 96,000 Jeep Liberty strollers after at least 18 people were injured by tire blowouts, the Consumer Product Safety Commission said Wednesday.
Wednesday, June 19 2013 11:40 AM EDT2013-06-19 15:40:48 GMT
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Nearly a hundred years ago, two girls from Detroit put a message in a bottle and threw it into the waters of the St. Clair River. Now that message is back on dry land after being found by a diver in 30 feet of water.
Wednesday, June 19 2013 9:45 AM EDT2013-06-19 13:45:33 GMT
Kid Rock has added an eighth date to his "$20 Best Night Ever" tour at DTE Energy Music Theatre. Officials say tickets for the Aug. 20 show will go on sale at 10 a.m. on June 22.
Kid Rock has added an eighth date to his "$20 Best Night Ever" tour at DTE Energy Music Theatre. Officials say tickets for the Aug. 20 show will go on sale at 10 a.m. on June 22.
