Seminar On Foreclosure Prevention

Oakland County foreclosures are rising to record levels as per statement of Oakland County Equalization. Highland Township, Milford Township and Village of Milford are scheduled to hold a seminar that will benefit local house owners who are grappling with foreclosures. The seminar will also discuss matters relating to budgeting income, credit problems and the importance of choosing the right mortgage when refinancing, stopping mortgages or facing foreclosures. The all important question about finding additional assistance will be discussed.

Triscia Pilchowski, Highland Supervisor commented that foreclosure or housing matter is not something that should be kept postponed. At the seminar there will be experts to help the people about how to steer through the problem and work in tandem with the lenders.
Those participating in the seminar are counselors from Oakland County Community and Home Improvement division, Lighthouse Community Development, Oakland Livingston Human Service Agency and with Oakland County Treasurer Patrick Dohany. No fees will be charged for counseling. There are several self-help steps to avoid trouble and a website will give additional assistance.

The primary thing is to spot the real reason behind failing repayments and try to eradicate that. Expenses need tracking so that there is a regular review of anything in excess and going waste. Creation of an emergency budget will be of great help. Funds can be drawn from unnecessary spending on frivolous matters. Controlling indulgence in fast food, dining out, gambling, smoking and extra clothing will soon begin to show and money will be saved. Money can be diverted from paying for extra magazines and cable channels. Deductibles on Insurances can be increased. A serious effort must be made for looking around for avenues leading to income increase. With all the cards open and analyzed the lender can be contacted for options. The counseling agency chosen should be genuine and approved otherwise it will be inviting trouble. Paying off mortgage installments should be given priority above other commitments.

The loan culture and more specifically the credit card can be blamed for the foreclosure crisis gripping the nation today. It was reasoned that by making loans easy the consumer would spend money and the market would be flushed with money. This in turn would generate production and consequently employment. Unfortunately a frenzy of taking loans overtook everyone leading to disastrous consequences. The epidemic has afflicted all and spared none – lender, borrower, governments and the community at large.