Repossession Houses Rescue Fair in California
Free counseling will be available for distressed homeowners who are facing the prospect of losing their properties to foreclosures and who are struggling to make their monthly mortgage payments at a repossession houses rescue fair in Panorama City, California on June 27.
The Home Rescue Fair, which will be held at the Panorama High School, will feature experts in the field of home financing, including foreclosure counselors approved by the U.S. Department of Housing and Urban Development (HUD), legal aid attorneys and representatives from various banks such as Chase, Bank of America/Countrywide, IndyMac and Wells Fargo.
The Alliance for Stabilizing Our Communities (ASC) is the sponsor of the repossession houses rescue event. The alliance is a joint effort coming from several organizations, including the National Urban League (NUL), New Economics for Women (NEW) and the National Coalition of Asian Pacific American Community Development or National CAPACD.
NCLR’s Wealth Building Legislative Analyst Graciela Aponte said that the fair is an improvement from other events. She said that organizers attended other events to observed how they worked, adding that the main goal of these events is to connect people with services.
A registration area manned by housing counselors is the first thing that homeowners will encounter at the repossession houses rescue fair. Distressed homeowners will have an option whether to meet a lawyer, lender or a housing counselor.
For example, if a troubled homeowner has a loan with Bank of America or Chase, he could ask to see a representative of the lender. He will be given a number and instructed to proceed to the workshop where he will wait for his number to be called so that he could talk with a lender’s representative.
If he brought with him proper documents, the process of modifying his loan could be started immediately. In the event that a homeowner does not know what to do, a housing counselor can help him analyze his financial situation and his options. If the homeowner thinks that he took out a predatory loan, then he would be advised to see one of the lawyers at the fair.
Meanwhile, Aponte pointed out that counseling agencies approved by the HUD are free and distressed homeowners should be wary of fraudulent repossession houses rescue schemes.
