Thu May 1, 2008
Hope for Borrowers Facing Foreclosure
By Candice Ludlow
Memphis, TN – : The real estate market meltdown is in the news everyday. Should homeowners receive assistance? Memphians facing foreclosure have the opportunity this weekend to meet with their lender or mortgage servicer - in person - to see if they can reduce the principal or interest rate - and keep their home. Candice Ludlow explains.
The HOPE NOW Alliance is holding a work-out session this Saturday at the Mid-South Fairgrounds. You don't need your sweats and running shoes because it's not that kind of workout. It's for people who are having trouble keeping up with their mortgage payments.
Memphis, a city that's experienced historically high bankruptcy and foreclosure rates, has had a relatively stable real estate market - until the last year or so, when the market began to take a downturn and stagnate.
This year alone, 15 percent of the single family houses will enter foreclosure, says Dr. Phyllis Betts, Director of the Center for Community Building and Neighborhood Action at the University of Memphis School of Urban Affairs and Public Policy.
Housing Counselor Charia Jackson helps borrowers when they find themselves behind in their house payments. She says (many borrowers were lied to).
Steve Lockwood, Executive Director of the Frayser Community Development Corporation, says workouts are quite possible, thus keeping families in their homes.
Recently, Charia was able to convince a lender to reduce the principal on a home from $78,000 to $48,000.
The HOPE NOW Homeownership Preservation Event
Saturday, May 3rd from 11:00 AM to 5:00 PM
Mid South Fairgrounds, Pipkin Building
940 Early Maxwell Blvd., Memphis, TN 38104.
What to bring: Most recent pay stubs, bank statements, and correspondence from their mortgage lender.
For more information about the HOPE Now Alliance, visit their website at www.hopenow.com.
For more information, contact the Memphis Housing Counseling Network at (901) 725-8361.
The state of Tennessee highly recommends that borrowers contact their lenders as soon as they realize that they may have difficulty in paying their mortgage on time.
The following housing counseling services are available in Memphis and Jackson for borrowers who need assistance with their lender or mortgage servicer:
Affordable Housing CDC #92 206 East Main Street Jackson, TN (731) 422-1366
Financial Counselors of America 3294 Poplar Avenue, Suite 304 Memphis, TN (901) 722-5000
Frayser Community Development Corporation 3684 N. Watkins Memphis, TN (901) 354-9402
Hope for Tomorrow 3115 Park Avenue Memphis, TN (901) 414-3308
Jackson Housing Authority 125 Preston Street Jackson, TN (731) 422-1671
Memphis Area Legal Services 109 North Main Street Memphis, TN (901) 523-8822
Southeast Memphis Community Development Corporation 3150 Lenox Park Dr., Suite 420 Memphis, TN (901) 273-2870
United Housing, Inc. 51 North Cooper Memphis, TN (901) 728-6924
VECA Community Development Corporation 1680 Jackson Avenue Memphis, TN (901) 276-1782
The Works Inc. 1471 Genesis Circle Memphis, TN (901) 947-7076