Mike Cox, Michigan’s Attorney General is organizing a forum for people behind on their mortgage payments and those potentially facing foreclosure. This problem is affecting every segment of Southeast Michigan’s housing market, from our grandest estates to our most modest dwellings. Not a week goes by that Dmitry and I do not receive a call from a new person needing advice and assistance. There are options out there for homeowners and the Attorney General is trying to provide assistance.
Roughly 31,500 people who are on the edge of a foreclosure — one to three months behind in payments — will receive letters this week about the forum, where the 18 lenders and 31 counselors from the U.S. Housing and Urban Development Department will be on hand at the Cobo Hall forum on December 13th to offer on advice and practical help on getting caught up.
“Borrowers can talk in person with the companies that are servicing their notes on how to save their homes,” Cox said Wednesday. Banks have the ability to renegotiate the loan and find a solution that works for the lender and the homeowner. The homeowner really needs to take the initiative to ask about what is available.
The forum will run from noon to 8 p.m. Dec. 13.
The 18 mortgage lenders participating in the program are Carrington Mortgage Services; Saxon Mortgage Co.; GMAC ResCap; Countrywide; Wells Fargo; Ocwen; Option One; Chase; EMC; Wilshire; HomEq Servicing; HSBC; National City Bank; Washington Mutual; Select Portfolio Servicing; Litton Loan Servicing; CitiMortgage and Home Loan Services.
For homeowners with a different mortgage lender, the HUD counselors will be able to offer help. Residents also can call the Attorney General’s consumer assistance hotline at 877-765-8388.