Foreclosure Prevention Workshop Attracts Crowds

Posted on October 20, 2009
Filed Under foreclosure | 2 Comments

The US economy is going through one of its most challenging phases. With unemployment at its peak, people are faltering on mortgage payments. Hence, foreclosures have become common. Now foreclosure prevention workshops have become common. These workshops are usually well-attended. After all, people are becoming wary of losing homes. A foreclosure workshop, for instance, had attracted the largest crowd. The organizers, Family Services, said that the meet at Conway Library was attended by 30 people.

Toby Smith, a counselor with the Home Owners Resource Center, says this is like a flood. No workshop held earlier had ever attracted such huge crowds. Smith said that she could not feel very happy at the large crowds because the circumstances in which they meet are not very good.

Towards the beginning of 2009, foreclosures had gone up by 47 per cent in Horry County. In August, the figure had dropped to342 foreclosures. It was 30.8 per cent less than what it was in July – 494 foreclosures. Family Services helps people to deal with personal and financial problems. Take for instance, the case of Laura Churchwell. A resident of Myrtle Beach, she is finding it difficult to pay the mortgage amount. Her husband had lost his job in the construction sector last year.

Ever since, Churchwell has been holding talks with the bank but nothing positive has come of it. Moreover her husband has also left her. Churchwell is also worried that she may not qualify for a permanent revision in mortgage payment. Many people are in the throes of a crisis, she says.

According to statistics available with Family Services, people will think thrice before attending a workshop for help. The NGO is working on 2,000 files now.

Mahlon and Gail Beers, for example, have to survive on the disability pension. Their lives are indeed difficult and they want help before the situation gets worse. The couple is already finding it difficult to pay medical allowances. They say that they cannot further minimize their expenses. The Beers are dependant on the NGO to bail them out. They feel relieved that at least there are people who would listen to their problems.

Experts observe that the real estate crisis is far from over. The situation will improve only when more jobs are created and people are able to pay their mortgage amount. Even the Federal government has come up with a loan modification program.

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