How bad is the subprime mortgage situation in Plainfield and New Jersey?
While we await the definitive story from real estate reports, there are accruing hints that it is serious indeed --
- Testimony before the State Senate last week that only 200 of 1,600 borrowers who contacted the state for help may get it;
- A story on the danger of a Roselle councilwoman losing her home to foreclosure;
- A CNN story predicting double-digit price declines, leaving many borrowers without enough equity to refinance or sell their homes;
- An NAACP suit alleging subprime lenders targeted minorities.
So, it is something of a surprise that an opportunity to get information from the FHA on dealing with lenders is literally BURIED at the end of the Ledger's legislative story from this past Tuesday.
Here's the news -- The FHA will be helping people understand dealing with lenders at Essex County College, 303 University Avenue, Newark, on Saturday, September 29, from 9:30 AM - 2 PM. To register, call 1-800-CALLFHA (225-5342).
The State's Department of Banking and Insurance is attempting to address the issues of subprime loans and foreclosures with the issuance in Spanish and English of a 'Homeowners Guide To Subprime" -- available from its website in PDF format (see links at end of story).
Meanwhile, today's Ledger reports on the difficulty in getting a workout arranged.
No matter how difficult, a workout cannot be gotten without trying.
And the moral of the story is this: If you're in trouble, call your lender.
More information --
- Workouts: "Home loan workouts not without problems"
- FHA Info: "Mortgage crisis puts scores in foreclosure"
- NJ Dept of Banking: "NJ DOBI Homepage" | "Homeowners Guide to Subprime" -- In English or Spanish (PDF)
-- Dan Damon
View today's CLIPS here. Not getting your own CLIPS email daily? Click here to subscribe.
ARCHIVED POSTS OF PLAINFIELD TODAY FROM 11/03/2005 THROUGH 12/31/2006 ARE AT
http://plainfieldtoday.blogspot.com/
http://plainfieldtoday.blogspot.com/
Posts
0 comments:
Post a Comment