Butterfield to Host Mortgage Foreclosure Prevention Forum

Butterfield to Host Mortgage Foreclosure Prevention Forum

Greenville, N.C. – March 16, 2011 – (RealEstateRama) — Congressman G. K. Butterfield will hold a forum on mortgage foreclosure prevention on Tuesday, March 22.

“There are tens of thousands of responsible American homeowners holding on to their homes by a thread,” Butterfield said. “And while there is some help available, many people do not know about it. This forum provides the opportunity to learn what you can do to help protect your home and family.”

The forum, which will include presentations from the N. C. Housing Finance Agency, N. C. Banking Commission, N. C. Attorney General’s Office and Greenville Housing Development Corporation, will be held on Tuesday, March 22 from 5:30 to 7:30 p.m. at Greenville Community Christian Church at 1104 N. Memorial Drive, Greenville.

North Carolina ranked 33rd in the nation for the number of foreclosure actions in February. Nevada remained as the state with the most foreclosures. Last year, a record 2,871,891 foreclosure filings were reported in the U.S. – an increase of nearly 2 percent from 2009 and an increase of 23 percent from 2008.

Butterfield explained that the national foreclosure rate began to rapidly rise in the middle of 2006, and that it continues to affect communities across the country.

“Losing a home to foreclosure hurts homeowners and the community in many ways,” Butterfield said.

He said that concentrated foreclosures can drag down nearby home prices, and large numbers of abandoned properties can negatively affect communities. And, the increase in foreclosures may destabilize the housing market, which could in turn negatively impact the economy as a whole, he said.

There are a number of federal initiatives aimed at preventing further increases in foreclosures and helping more families preserve homeownership. These efforts currently include the Making Home Affordable program, which includes both the Home Affordable Refinance Program (HARP) and the Home Affordable Modification Program (HAMP); the Hardest Hit Fund; the Federal Housing Administration (FHA) Short Refinance Program; the Emergency Homeowners Loan Program (EHLP); Hope for Homeowners (H4H); and the National Foreclosure Mitigation Counseling Program (NFMCP), which provides foreclosure mitigation counseling funding and is administered by NeighborWorks America.

Several states and localities have also initiated their own foreclosure prevention efforts, as have private companies.

For more information or to register for the forum call toll (888) 874-9063.

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