If you're facing foreclosure, you have options. And the first step is to talk with someone.
That was the message at a homeownership fair in Charlotte on Saturday.
"More than 50 percent of people who lose their homes to foreclosure never call their lender," Charles Gardner, director of the Atlanta homeownership center of the U.S. Department of Housing and Urban Development, told an audience at the expo.
"There's nothing worse than doing nothing," he said.
About 400 people came to UNC Charlotte's Cone Center on Saturday to learn more about home ownership and how to keep their house.
As people across the country face the possibility of losing their homes to foreclosure, lenders, housing experts and government agencies are holding such fairs to help.
It was the second forum in North Carolina sponsored by HUD. The first was held about a year ago at the Charlotte-Mecklenburg Government Center following an Observer investigation into a rash of home foreclosures around Charlotte.
Nationwide, easy credit fueled a foreclosure crisis that rattled stock markets, depressed home prices, wiped out jobs and threatened the country with recession.
Admission to Saturday's fair was free. Throughout the day people could take 30-minute classes on homeownership, refinancing and foreclosure prevention. Each was offered in English and Spanish.
Counselors were also on hand to lend advice.
Visitors browsed information tables manned by representatives from lenders such as BB&T, Countrywide and Wells Fargo. Other tables included the Better Business Bureau, which offered tips to avoid scams, the city of Charlotte, HUD, the Latin American Coalition and other groups.
Charlotte resident Anthony Bennett, 49, who said he is on the verge of losing his home, said talking with a counselor Saturday helped him see options and plan for the future.
Robin Migala, a foreclosure prevention specialist with government-sponsored enterprise Freddie Mac, said she has been traveling to more fairs as their popularity spreads. When the Michigan attorney general sponsored a fair in Detroit in December, Migala said, about 4,500 people showed up.
For Bennett, the trip to the college campus was worth it. Some advice he got that he said he'll pass on: "Research and have thorough knowledge of what home buying really involves."
Programs for homeowners
Housing experts discussed several programs for homeowners at a free HUD-sponsored expo on Saturday, including:• Hope Now: A coalition of mortgage companies, non-profits, counseling agencies, investors and trade groups intended to help homeowners at risk of losing their homes. Hope Now offers counselors and services to help work out loans. It also has a hotline you can call for help or mortgage advice: 888-995-HOPE.
• Home Protection Pilot Program: Funded by state money, it provides temporary assistance to workers who have lost their jobs due to changing economic conditions. If you have lost a job due to no fault of your own, live in one of the 61 counties covered and have a mortgage backed by real property, you may be eligible. Mecklenburg and surrounding counties are included. If you qualify, you can get a zero percent interest loan up to $20,000 that can be deferred for 15 years. You can also get a 120-day stay on your mortgage to prevent foreclosure. For details or to apply, contact the N.C. Housing Finance Agency at 866-257-6818 or www.nchfa.com.
• The city of Charlotte offers several programs including down payment assistance, grants and classes. Contact 704-336-2061 or http://neighborhoods.charmeck.org.
Watch out for scams
Maryanne Dailey, executive director of the Better Business Bureau Consumer Foundation, was on hand Saturday to offer advice on how to avoid scams. Here are some to watch out for:
• Up-front fees: It's illegal in North Carolina to charge advance fees for services including credit repair and foreclosure prevention. If someone asks you for money before providing a service, contact the BBB, she said.
• Verify licenses: Make sure realtors, contractors and mortgage brokers you hire are insured and have a current professional license. Contact the BBB to find out how to check licenses.
• For details contact the BBB: 704-927-8611; 877-317-7236; www.bbb.org.
