Mortgage insurance provider PMI Group is offering an educational workshop to help fight foreclosure.
The Homeownership Preservation Workshop is taking place from 9 a.m. to 2 p.m. Saturday, Oct. 25, at the Washington Park Fieldhouse, 5531 S. King Drive.
The event will focus on the dozens of workout programs and special financing options that banks have developed to stave off foreclosure, which is typically the most costly option.
Helpful items to bring to the event include:
* Your last pay stub
* Mortgage statements
* Credit report
* Personal budget and monthly income estimates
* An itemized list of your cumulative debt to all creditors
Keeping owners in their homes helps stop the devaluation of mortgage-backed securities.
According to a January 2008 study published by Freddie Mac, fewer than 50 percent of homeowners contact their lender prior to entering foreclosure.
Homeowners who need help, but are unable to attend the event are encouraged to contact the HOPE NOW Alliance at 888-995-HOPE, or to contact their lender directly.
The homeownership preservation workshop is open on a first-come, first-served basis. Attendees are advised to arrive early to ensure a chance to meet with a lender.
Information about options and alternatives to foreclosure can be found at HomeSafePMI.com
