The risk of housing foreclosure severely impacts your family and contributes to declining property value in your neighborhood.  As a result of widespread foreclosure, San Bernardino County has the nation’s highest risk for declining property values over the next two years, as reported by leading mortgage insurance provider The PMI Group (www.homesafepmi.com <http://www.homesafepmi.com/> ).  To see PMI Group’s detailed housing price report and risk index, please see our latest study at the following link: (Report: http://www.pmi-us.com/media/pdf/products_services/eret/pmi_eret08v3s.pdf).

Many homeowners think foreclosure is a bank’s first decision if you default on or miss your mortgage payment.  However, lenders actually want to keep you and your family in your home – banks save more money on auction and closing costs by adjusting your mortgage to meet your current income and financial situation. 

This is why the PMI Group is actively working to help all Inland Empire residents at risk of foreclosure with a free Homeownership Preservation Workshop, co-sponsored by Congressman Jerry Lewis and The City of San Bernardino, on Saturday, August 16, 2008.  The event details are as follows:

What: The workshop is aimed at helping area residents cope with the housing downturn and avoid foreclosure. Expert consultants will be on hand, along with Rep. Jerry Lewis, R-Redlands, and representatives from major mortgage banks.

When: Saturday, August 16, 2008

Registration: 8:30 a.m. – 9:00 a.m.

Workshop: 9:00 a.m. – 3:00 p.m.

Parking: Show up early!

Location: National Orange Show, Valencia Room, 689 S. E Street, San Bernardino, CA 92408

Cost: Free!

Phone:(909) 862-6030

Lunch: Lunch is provided!

Among those Los Angeles County regions ranked at highest risk factor for declining property values include

*     Los Angeles – Long Beach – Glendale: 85.7% risk factor

*     Santa Ana – Anaheim – Irvine: 85.8% risk factor

*     Riverside – San Bernardino – Ontario: 95.5% risk factor

According to a recent study published by Freddie Mac (http://www.freddiemac.com/service/msp/pdf/foreclosure_avoidance_dec2005.pdf), fewer than half of homeowners contact their lender before entering foreclosure.  Contrary to popular belief, banks and lenders substantially prefer mortgage workout plans and debt solutions to foreclosing on defaulted mortgage property – foreclosure can be far more costly and worsens America’s credit situation in an already weakening economy. 

Join us next weekend for a chance to speak with your lender face-to-face and work out a payment plan that meets your individual requirements.  Of course, we cannot guarantee an effective mortgage workout program specific to your needs – some families’ credit situations make more sense for considering options such as downsizing or an entirely new personal budget. In any case, we can connect you to the debt counselors, lenders and financial experts who can share their advice with you, cost-free, to find a new solution for your financial challenges.