For Immediate Release,
02/01/08
Senator Machado Hosts Foreclosure Prevention Workshop at Delta College
(Stockton)
In response to the record number of home foreclosures in San Joaquin County, Senator Michael J. Machado and Assemblymember Cathleen Galgiani are hosting a FREE workshop at San Joaquin Delta College on preventing present and future homeowners from suffering similar fates. The workshop will be held on Saturday, Feb. 2nd from 10am-2pm in Danner Hall.
“The ‘American Dream’ of owning your own home must be kept alive,” stated Senator Machado. “We must do all we can to educate homeowners about the risks that are currently present in the lending market in order to prevent families from losing their homes.”
Recent studies have found that many families are buying homes with mortgages they clearly do not understand and, as a result, are now struggling to make payments that have increased several hundred dollars a month.
In addition to Senator Machado and Assemblymember Galgiani, California State and Consumer Services Agency Secretary Rosario Marin and Californian Department of Consumer Affairs Director Carrie Lopez will speak on the mortgage crisis, home lending, and California’s economic outlook.
"It's important to get right into the hard-hit communities and bring them this valuable information," said Secretary Marin. "These are hard working people who are in danger of having their California dream become a California nightmare. Our goal is to keep as many of these families in their homes as possible - it's what's best for the community, the neighborhood and our state."
Additionally, credit counselors, loan servicers and lenders will offer on-site assistance and information on options available to homeowners faced with mortgage difficulties. Lenders invited include: Carrington Mortgage Servicing, Countrywide, GMAC, American Home Mortgage Servicing, Washington Mutual, Wells Fargo and Wilshire Credit. All attendees are encouraged to bring their loan documents and financial information. Spanish speaking representatives will be on-site to assist Spanish speaking homeowners.
For more information on Senator Michael J. Machado’s foreclosure prevention workshop, call (209) 948-7930.
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