Senate Democrats And Major Financial Institutions Convene Forum To Counsel Mortgage-holders On Shielding Their Homes From Foreclosure

Eric Adams

March 02, 2008

Senators Adams, Dilan, Montgomery, Parker, Sampson, and Savino, all members of the New York State Senate Democratic Conference, will provide Brooklyn homeowners with some assistance in preventing foreclosures.  An initiative called “Operation Protect Your Home,” a cooperative undertaking between officials in federal, state, and city government and lending institutions will host a forum to provide counseling on methods of avoiding mortgage foreclosure. 
Representatives from most major financial service institutions, including Carrington, Chase, Citigroup, EMC Mortgage, Home Loan Services, HomEq, HSBC Finance, Litton Loan, Ocwen, Option One Mortgage, GMAC, Saxon, Washington Mutual, Wells Fargo, and Wilshire will be present to examine the specific circumstances of each homeowner who attends and suggest strategies to cope with that particular situation.

Thousands of letters have been mailed to homeowners who have been deemed to be at risk, encouraging attendance at this free forum. Counselors from several not-for-profit and other advisory organizations will also be present to work with attendees.

If a homeowner is facing foreclosure, attendance at this forum is imperative.

Senator Adams states:  “This forum provides homeowners a unique opportunity to get advice from housing counselors and work face-to-face with their mortgage servicers to develop a sustainable solution to prevent unnecessary foreclosures.”

Senator Adams further states:  “We will identify the group of deserving borrowers, primary home owners now threatened because of interest rate resets and increased foreclosures in their area.  We must exert pressure on lenders to modify their loans with permanent reductions in interest rates, not just temporary decreases.  We will encourage lenders to reduce the actual principal balance of an outstanding mortgage to no higher than the current market value of the borrower’s residence.  And we can explore the option of giving bankruptcy judges the power to reduce loan balances.  Our goal is to provide responsible borrowers who have demonstrated a willingness and ability to service their debts a real chance to stay in their homes.”