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Mobile Resource Center gives foreclosure advice |
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 RAY HAGAR
RENO GAZETTE-JOURNAL
The concern was evident on the faces of those at the Sierra View Library in Reno on Monday who had something in common: fear of losing their homes.
The 40 people at the Foreclosure Mobile Resource Center, like many
Americans engulfed in the national mortgage crisis, weren't able to
keep up payments or faced a steep increase in the monthly payment
because of an impending hike in their subprime interest rate.
"It is a national problem, but it is felt more acutely in Nevada,
California, Arizona and Florida," said Christopher Oswald, director of
government affairs of the Mortgage Bankers Association.
"We are here at the request of Senator (Harry) Reid in an effort to
provide education to borrowers who may or may not be in trouble and to
foster that dialogue between borrowers and lenders," he said. "There
are a lot of options out there, and if we can get the dialog going
between the lenders or borrowers, a lot of times we can prevent a
foreclosure."
The session at the Reno Town Mall was the first in a series of meetings to help Nevadans with mortgage worries.
"It is a one-stop shop where people who are facing foreclosure can come in and get some advice," said Reid staffer Matthew Tuma.
The goal is to help homeowners solve their mortgage messes, lenders and credit counselors said.
First step is the hardest
"By coming here today, people are taking the first step, making it
clear that they have financial difficulties and are looking for
assistance," said Kirk Willison, senior director of industry relations
for Freddie Mac, the federal agency that supports the housing market.
"That is the No. 1 roadblock that is keeping people from avoiding
foreclosure. People are sometimes too embarrassed or nervous or scared
to come in and talk to a lender about their problem. And then, when the
phone rings at home at dinner time, they ignore it even though they are
falling further and further behind. And then, before you know it, the
eviction notice comes."
Others agreed that home owners in trouble should not worry in silence.
"We tell people, if you think you will be having trouble with your
mortgage payment, even if you have not had problems yet but you think
that you might, you should talk to your mortgage lender," said Natalie
Brown, vice president of Nevada regional communications for Wells Fargo.
"I can't stress how important that is," Brown said. "Half the people in
foreclosure have not had a conversation with their lenders."
Communication often leads to solutions, others said.
"If they can't fix your
two-year (adjustable) rate, a lot of them can at least extend it by a
couple of years to at least get you over the hump." Willison said. "So,
instead of jumping from, say, an 8 percent rate to a 10 percent rate,
they can keep it steady at 8 percent for a few more years.
"Or, maybe they can get you into a 40-year loan instead of a 30,"
Willison said. "Yes, it stretches it out -- how long you have to make
the payment -- but at the same time, it would lower the monthly payment
that you would have to pay."
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Representing the 10th Senatorial District in Clark County.
US Senator from Illinois and Candidate for President of the United States.