|INTRO: 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 – or mortgage workout – is Saturday from 11 to 5 PM at the Mid-South Fairgrounds. To locate housing counselors and to learn more about this weekend’s workout, go to wknofm.org. In Memphis, I’m Candice Ludlow.
The HOPE NOW Homeownership Preservation Event to help homeowners who are facing foreclosure is scheduled for Saturday, May 3rd from 11:00 AM to 5:00 PM at the Mid South Fairgrounds, Pipkin Building, 940 Early Maxwell Blvd., Memphis, TN 38104.
The HOPE NOW Alliance encourages borrowers to financial records (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
Financial Counselors of America
3294 Poplar Avenue, Suite 304
Frayser Community Development Corporation
3684 N. Watkins
Hope for Tomorrow
3115 Park Avenue
Jackson Housing Authority
125 Preston Street
Memphis Area Legal Services
109 North Main Street
Southeast Memphis Community Development Corporation
3150 Lenox Park Dr., Suite 420
United Housing, Inc.
51 North Cooper
VECA Community Development Corporation
1680 Jackson Avenue
The Works Inc.
1471 Genesis Circle