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Predatory Lending and Home Retention Event This Saturday | Events

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Predatory Lending and Home Retention Event This Saturday

This story comes to us from Christy A. Lipscomb:

The Prince George’s County Department of Housing and Community Development will join the Coalition for Homeownership Preservation in Prince George's County and a host of federal, state and local government officials for a Predatory Lending and Home Retention Event, Saturday, March 5, 2011, 10 a.m. – 2 p.m., Refreshing Spring Church, 6200 Riverdale Road, Riverdale, MD  20737.    


The Coalition for Homeownership Preservation has indicated that Prince George's County has been heavily hit since the foreclosure crisis began three years ago, and it continues to bear this burden today.  Exotic loans coupled with high unemployment have increased the number of homeowners who are in fear of losing their homes.  A high rate of foreclosure breeds an environment of foreclosure prevention and modification housing scams, or rescue scams.  Homeowners receive telephone calls, emails and letters from individuals and companies guaranteeing them there is a way to save their home -- for a price. 


This event is to educate and warn homeowners of these rescue scams and how to avoid them. Homeowners will also receive information on the new Maryland law on pre-foreclosure mediation.  Where home retention is not possible, information will be provided on where to seek assistance if you  have to start over if you have to become a renter again.


“It is important that we work collaboratively to protect our residents from unscrupulous housing scams during our fragile economy and housing market,” said Prince George’s County Executive Rushern L. Baker, III.