More Free Seminars To Tackle Foreclosure Menace

Posted in Foreclosure, March 3rd, 2008 |

The New Year began on a bitter note: foreclosures jumped by over 100% in comparison to what it was in January 2007. Localized credit counseling agencies are becoming more active.
Consumer Credit Counseling Service is a non-profit organization that is reaching out to those in need of help in six counties of California including Ventura. It will hold sessions for free both in English and Spanish to establish contact with all communities affected by the debacle. The first morning session in English will be followed by another in Spanish in the premises of Camarillo offices, on Wood Road near Camarillo airport. Another similar group is Cabrillo Economic Development Corporation. It held similar sessions that had drawn over 100 participants. Both groups are planning to continue with more workshops and seminars.

Cabrillo has received $167,462 for its NeighborWorks Home Ownership Center, from a federal source that has been of late approved by the Congress. Demands for their services are going up and they are gearing themselves to meet it. Their spokesperson comments that the good work is beginning to show and changing the lives of the local people who want to continue to stay in the houses that are their homes.

Counseling is just one of the many measures taken up to stem foreclosures that are sucking dry not only the real estate market and telling on the economy. The sub-prime mortgage with adjustable rate mortgages was introduced to help those who could not avail of prime mortgages because of modest income and low credit ratings. The laudable purpose of the scheme was to make real the great American dream of owning a house fore everybody. Unfortunately the plan went awry. Hunting for quick returns and high commissions, speculators and agents jumped in flush with funds. All one needed was a pulse to get a loan sanctioned. This led to a frenzy of building causing spikes in the real estate. Unfortunately what goes up comes down. The people could not manage with the mortgages once the rates became realistic and began to rise. Like nine pins the houses rolled into foreclosures. The business concerns seeing the fall simply ran away from a bad deal leaving more abandoned houses. Divorce and illness too coupled with localized economic problems too had their say in the matter. A tsunami of foreclosures took over the country dragging down in its wake the entire nation.