Kratovil Hosts Successful Foreclosure Prevention Seminar

Over 150 receive advice and assistance to prevent and protect against home foreclosures.

Washington, DC – Over the weekend Rep. Frank Kratovil hosted a successful foreclosure prevention seminar at Maces Lane Middle School in Cambridge, MD. The seminar featured presentations and counseling sessions sponsored by housing counselors, pro bono attorneys and representatives of major lenders. Attendees were given the opportunity to meet individually with counselors and discuss what options are available to help stay in their home.

“First and foremost, this seminar was about giving people tools and making sure they are aware of the resources offered within the community to prevent and work through a home foreclosure crisis,” said Rep. Kratovil. “This workshop was designed to help distressed homeowners learn about their options before it’s too late, and I think it succeeded.”

Over 150 constituents attended the afternoon-long workshop, and all had the opportunity to sit down individually with pro bono housing counselors and foreclosure attorneys to assess their status and prescribe a course of action to protect them from losing their home. Representatives from major lenders and servicers were also on hand to meet with homeowners, some of whom succeeded in having the terms of their mortgage modified on the spot.

“This isn’t about handouts or bailouts. This is about helping out hard-working families who tried to play by the rules but still wound up in a tough spot. The best outcome for everyone – homeowners, lenders, and the community – is to help families stay in their homes,” Rep. Kratovil told the crowd. “That starts with learning what resources are available to help get through this tough time and start rebuilding your financial future...”

A report by the Center for Responsible Lending projects that 8,000 homes will be foreclosed in Maryland’s First Congressional District this year, a number which may grow to 27,000 foreclosures over the next four years.

“Our neighbors facing the threat of foreclosure need to know that they have options, and that there are counselors who can help them get through these tough times. I encourage anyone who finds themselves in this difficult position to take advantage of the resources that the community can offer,” said Rep. Kratovil.

Rep. Kratovil intends to host additional workshops for more communities in the First District, none have been scheduled as of yet but interested citizens can continue to check www.house.gov.kratovil for more information or contact one of Rep. Kratovil’s district offices for more information.

Congressman Kratovil would like to thank the following organizations for offering their time and services: Fannie Mae, MD Dept of Housing & Community Development, Freddie Mac, GMAC, Bank of America, USDA Rural Development, Wells Fargo, Federal Reserve, Wye Mortgage and Bancshares, JP Morgan Chase, Saxon Mortgage, HUD, NeighborWorks, Community Law Center, Salisbury Neighborhood Housing Svcs, Inc., Delmarva Community Action Center, CCCS of Maryland and Delaware, Mid Shore Pro Bono, Pro Bono Resource Center of Maryland, Catholic Charities, Legal Aid Services, Dorchester County Board of Education/Maces Lane Middle School.