Free Event in Prince George’s County, Maryland is Part of an Ongoing Nationwide Outreach Effort to Connect Struggling Homeowners with their Mortgage Company and a HUD-Approved Housing Counselor
WASHINGTON, DC – August 8, 2012 – (RealEstateRama) — Today the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) are hosting the Obama administration’s 75th free event for struggling homeowners at the Show Place Arena in Prince George’s County, Maryland. Since June 2009, the administration has sponsored free events in 51 cities across the country to help struggling homeowners connect face-to-face with their mortgage company and a HUD-approved housing counselor to discuss options to avoid foreclosure.
“Since 2009, more than five million homeowners have gotten help to avoid foreclosure through government and mortgage company programs,” said Treasury Assistant Secretary for Financial Stability Tim Massad. “But too often, homeowners delay reaching out for help until their options become more limited. These events are an important opportunity for homeowners to meet face-to-face with their mortgage company and a housing counselor to discuss the right options for their particular situation.”
“From the very beginning, the Obama Administration has been committed to providing help to homeowners and, as a result, we’ve seen foreclosure notices cut in half from early 2009,” said HUD Regional Administrator Jane Vincent. “And though much progress has been made, there is still more work to do. We know that when a homeowner seeks housing counseling they have a better than fifty percent chance of staying in their home. That’s why today’s event is so important for those needing assistance and that’s why we will continue to be here to provide the assistance, tools and pathways for homeowners in need.”
The events bring together the nation’s largest mortgage servicers, local HUD-approved housing counseling agencies, non-profit and government partners who each play a role in helping homeowners understand the resources available to them. Nearly 68,000 homeowners have attended one of the free events, of which about 70 percent reported having fallen behind due to an unexpected financial hardship. As part of the events, the administration has hosted 54 roundtable discussions with more than 1,300 community leaders to discuss challenges in their local housing markets as well as possible solutions. The administration has also hosted 450 free trainings for more than 60,000 partners, housing counselors and real estate agents to share information for homeowners in their communities and answer questions about options for foreclosure prevention assistance.
Of the 75 homeowner events hosted to date, 14 have taken place in California, 12 events have been held in Florida, six events took place in Arizona and five events were held in Nevada. Each event brings to light the distinct challenges of each local housing market and the resources available to help homeowners.
Today’s event, which is sponsored in partnership with the HOPE NOW Alliance, takes place at the Show Place Arena, 14900 Pennsylvania Avenue in Upper Marlboro, Maryland from 1:00-8:00 PM. A similar event hosted in Prince George’s County in August 2010 saw more than 1,100 homeowners receive assistance. Many of the largest mortgage companies are scheduled to be in attendance to meet with homeowners including Bank of America, CitiMortgage, Fannie Mae, Freddie Mac, GMAC, Homeward Residential (formerly American Home Mortgage Servicing, Inc.), JP Morgan Chase, NationStar, Ocwen, OneWest, PNC, Select Portfolio Servicing, Seterus, SunTrust and Wells Fargo. There will also be representatives from seven local HUD-approved housing counseling agencies on site. Homeowners will be seen on a first-come, first-served basis and should bring all mortgage documents, income verification and hardship information with them. The event is free.
The administration has additional events planned in the coming months in the following cities: Foxborough, Massachusetts (August 28); Detroit, Michigan (September 11) and Nashville, Tennessee (October 24). More information about these and other upcoming events will be posted to MakingHomeAffordable.gov.
In addition to hosting events across the country, the administration is working in partnership with the Ad Council to offer a public service advertising campaign in English and Spanish to educate troubled homeowners at risk of foreclosure about free resources for help. The campaign has already generated more than $58 million in donated media space. Homeowners should beware of any company that charges a fee to provide mortgage assistance—there is never a charge to apply for help. Any homeowner who is struggling with their mortgage payments can visit MakingHomeAffordable.gov or call 1-888-995-HOPE (4673) to get help identifying their options and next steps.