Matchmaking Foreclosure Forum to Unite Borrowers with Len

January 25th, 2008

Valentine’s Day in Grand Rapids, has been chosen to by Attorney General Mike Cox to fix a shaking hand programme between foreclosure victims and lenders. Cox commented that since foreclosures directly or indirectly are affecting everyone it is important that the ice is broken and the two parties sit at the table together to work out a viable mutually amicable settlement. The free forum will be held from noon till 7 pm at DeltaPlex Entertainments and Expo Center in Walker.

So far Cox has been able to bring in 18 lenders including giants like Countrywide, Fifth Third Bank, National City and LaSalle Bank. The other participants will be the government and non-profit groups.

The officer of the Attorney General has communicated by mail with more than 4,500 persons in West Michigan who are in need of help. But Cox does not want the matter to end there – he wants those who are just beginning to anticipate trouble to come forward and sort out problems. In March another lot of mortgage interests are ready to rise.

Michigan ranks second after Texas in the foreclosure rate across the country. Cox has sent out an open invitation to all those affected and interested in the fallout from foreclosures. Cox wants to do something here and now. He is not content to wait for legislators fumbling with new laws while Michigan is battling economic upsets. The first Avoid Foreclosure Forum in Detroit drew 4,300 persons. It was the first of three scheduled to held next month in Detroit (12^th February) and Saginaw (13^th February).

A non-profit group from Kent County and West Michigan’s largest bank, Fifth Third Bank, have come forward to help 300 distressed foreclosure victims without waiting for the sufferers to seek support. Eric Hendrickson who is vice president of the mortgage wants action here and now. With a 40% share of the Grand Rapids market the voice of the bank carries weight.

The suggestions are many – shifting to a long-term mortgage of 40 years, paying for only the insurance or opting for FHA loans that are insured by the government. The plan is to take up each case individually to find out which plans fit the best. Representatives of the bank will be present at the Forum. However not all the lenders are equally helpful. The optimism is that at least some will benefit and awareness will spread.