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.
Wednesday, April 24 2013 5:07 PM EDT2013-04-24 21:07:25 GMT
Following a 1.6 billion first quarter profit, Ford CFO Robert Shanks talks to Murray Feldman about what the record means to the company now and moving forward.
Following a 1.6 billion first quarter profit, Ford CFO Robert Shanks talks to Murray Feldman about what the record means to the company now and moving forward.
Wednesday, April 24 2013 9:32 AM EDT2013-04-24 13:32:01 GMT
Mike Amine from New England Financial and Kelly Masters, the chairperson of Money Smart Week join Murray Feldman in the studio to talk about financial planning and annuities.Play the video to gain their
Mike Amine from New England Financial and Kelly Masters, the chairperson of Money Smart Week join Murray Feldman in the studio to talk about financial planning and annuities.Play the video to gain their
Monday, April 22 2013 8:10 PM EDT2013-04-23 00:10:09 GMT
Perhaps you've heard or seen ads promising bad credit can be erased. Lisa Ross from the Michigan Department of Insurance and Financial Services has a warning for consumers.
Perhaps you've heard or seen ads promising bad credit can be erased. Lisa Ross from the Michigan Department of Insurance and Financial Services has a warning for consumers.
Tuesday, May 21 2013 8:17 PM EDT2013-05-22 00:17:22 GMT
We are learning more about the past of the man currently in police custody in connection with the murder of 35-year-old Sabrina Gianino.
We are learning more about the past of the man currently in police custody in connection with the murder of 35-year-old Sabrina Gianino. 42-year-old Myron Williams is on probation in Michigan for a drug paraphernalia charge. He also has quite a past in Louisiana.
Tuesday, May 21 2013 3:43 PM EDT2013-05-21 19:43:35 GMT
Brian Woehlke and his family
All funds collected will be donated to the Westland Fire Fighters Charity's fund for the family of fallen firefighter Brian Woehlke, who passed away while battling a Westland fire on May 8.
All funds collected will be donated to the Westland Fire Fighters Charity's fund for the family of fallen firefighter Brian Woehlke, who passed away while battling a Westland fire on May 8.
Wednesday, May 22 2013 2:28 AM EDT2013-05-22 06:28:15 GMT
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
More than 2,000 people were in attendance to hear Donald Trump speak at Oakland County's Lincoln Day Dinner. Before the event, he told reporters he believes Detroit is "on the right path."
Wednesday, May 22 2013 2:17 AM EDT2013-05-22 06:17:02 GMT
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Find out how you can help the victims of Monday's deadly tornado that ripped through the Oklahoma City suburbs, killing two dozen and flattening neighborhoods, schools and businesses.
Wednesday, May 22 2013 12:02 AM EDT2013-05-22 04:02:09 GMT
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Detroit police believe a man in a surveillance photo is responsible for a kidnapping, carjacking, sexual assault and armed robbery on the city's east side.
Tuesday, May 21 2013 10:59 PM EDT2013-05-22 02:59:19 GMT
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Some Detroiters say their neighbor is hoarding dogs. She has been accused of doing it before. In 2011, 25 dogs were removed from her home, but we're told a case was never brought.
Tuesday, May 21 2013 10:14 PM EDT2013-05-22 02:14:08 GMT
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Innuendo, sexual advances and an overnight stay in Lansing -- a politician's former aide claims he had to endure a nightmare on the job. Now a sexual harassment lawsuit has been filed against Rep. Brian Banks.
Tuesday, May 21 2013 8:22 PM EDT2013-05-22 00:22:30 GMT
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
An expansive plan to merge two southeastern Michigan health systems into a single, $6.4 billion nonprofit organization with 10 hospitals has fizzled out.
Tuesday, May 21 2013 7:46 PM EDT2013-05-21 23:46:25 GMT
Judge Wade McCree took the witness stand on Tuesday. The embattled judge had a lot to say about his affair with a woman who stood in his courtroom. His wife had something to say about it, too.
Judge Wade McCree took the witness stand on Tuesday. The embattled judge had a lot to say about his affair with a woman who stood in his courtroom. His wife had something to say about it, too.
