Free Workshop to Reduce Foreclosed Homes in Miami

by Simon Lindsay on cities

Another free workshop will be held this week by the HOPE NOW Alliance to help distressed homeowners in Miami prevent their houses from becoming foreclosed homes. HOPE NOW is an alliance of private mortgage lenders and housing nonprofits aimed at preventing foreclosures nationwide.

The HOPE NOW alliance will conduct a free workshop for two days at the Miami Beach Convention Center. Representatives from over 20 mortgage banks and loan servicers will meet with borrowers who want to save their houses from becoming foreclosed homes. The representatives will find ways to help borrowers through loan modifications and other options.

Among the mortgage lenders and servicers participating in the workshop are Citigroup, HSBC, Bank of America, American Home Mortgage, Wells Fargo, Select Portfolio, Chase, GMAC/Homecomings, Washington Mutual, IndyMac Bank, Carrington, National City, Home Loan Services, Suntrust Mortgage, Wachovia, Litton, EMC Mortgage, Ocwen, Aurora Loan Services and Wilshire, Taylor, Bean & Whitaker.

Homeowners are advised to bring with them documents that show their income, expenses, mortgage payments and other debts so the representatives will have easier time in evaluating which option can best prevent their houses from becoming foreclosed homes.

Borrowers can also visit the HOPE NOW Alliance website or call the hotline at 888-995-HOPE.

The HOPE NOW Alliance said that lenders and servicers working with the program have helped 134,000 homeowners save their houses from becoming foreclosed homes in February across the country through loan modifications. An estimated 110,000 borrowers were helped through repayment schemes that enable borrowers to pay their arrears through means other than loan term extension or mortgage rate reduction.

The alliance also said the February statistics do not include loans modified under President Obama’s Making Home Affordable program.

According to RealtyTrac, Florida foreclosures are still rising, putting Florida in fourth place in terms of foreclosure rates in March and in the first three months of 2009. In March, 26,964 properties were given lis pendens, 13,566 were given notices of foreclosure sale and 6,601 became foreclosed homes and included in bank owned REO listings. These notices totaled 47,131 units for March.

In the first quarter, Florida had 70,114 receiving lis pendens, 183 receiving notices of trustee sale, 33,035 receiving notices of foreclosure sale and 15,888 becoming foreclosed homes and added to bank-owned REO listings. These notices totaled 119,220, representing a foreclosure rate of 1 unit in every 73 units.