Workshop For Preventing Foreclosures
Desperate times need desperate measures. As the foreclosure crisis intensifies Democrat Congressman from Massachusetts, Stephen F. Lynch has organized a foreclosure prevention workshop on Saturday in Randolph. The venue is the Randolph High School cafeteria where licensed mortgage experts will give confidential advice for free to those living under the hanging sword of Damocles.
Lynch who represents both the low-income neighbourhoods of Boston and Brockton as well as prestigious localities like Westwood and Dedham is anxious about the increasing number of people in need of help. But they do not know where to look for it. It is not just those with modest incomes but people cutting across socio-economic lines all over the stat are losing their houses because of inability to pay. The concentration varies from one locality to another. About half the foreclosed units are from Boston and Brockton. Many more are beginning to feel the pressure, as a new set of mortgages is resetting or ready to do so.
Lynch has lined up 11 government qualified mortgage advisors at the workshop. The Warren Group publisher’s spokesperson, Vincent Valvo, predicts that this meeting will be well attended and hopes that sufficient number of forms will be available. The participants have been notified to telephone the office of Lynch for reservation of seats and also to bring all their relevant mortgage papers.
The foreclosure crisis seems to be unperturbed and rolls on despite measures being taken by the administration at all levels – the local municipality, the state and Washington. The lenders too are facing the music as thousands of houses going into foreclosure spells economic doom for them also. Foreclosure is a costly process. After the end of it the house is auctioned but today there are no takers as the real estate market is down. Abandoned house attract criminal activity and thus brings down the price of houses in the entire locality. Taxes are kept in abeyance waiting for the buyers – who fail to turn up. The real estate slump has led to lay offs in the construction industry that draws into its circles not only suppliers but technicians, engineers, architects, interior decorators and you name it. The sub-prime mortgage industry is being blamed for the grim situation. Its predatory lending practices led to a housing boom – a balloon that has burst. Fears of recession are stalking the minds of everybody.
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