Homeowners in the state of Indiana who are facing foreclosures trekked to the Lafayette Square Mall to attend a forum designed to educate and help troubled borrowers in the area prevent home foreclosures. The event also involved financial services firms that sent representatives who accommodated borrowers' requests for mortgage loan modifications.
The forum required no fees or other charges from attending homeowners and borrowers. According to some of the homeowners who went to the forum, they got tired of faxing documents and calling certain telephone numbers for help that seem to produce no positive result. They stated that they decided to attend the forum because it will give them a chance to come face to face with individuals who can make decisions on whether they get to keep their homes or lose them to foreclosures.
One of the homeowners who attended the event recounted his efforts of trying to have his loan modified since 2006. After meeting a financial service company representative at the mall event, Reginald Lee stated that he got his monthly mortgage obligation lowered by over $200, making him more optimistic that his house will not end up getting foreclosed.
Another borrower who attended the event designed to prevent home foreclosures has revealed that she carried tons of paperwork with her when she decided to attend the forum, hoping that the documents will help prove that she is indeed in need of help. According to the mother of three, the current condition of the economy has made it hard for her to find another job despite being able to work for the past 25 years.
Another man revealed that he decided to go to the forum after undergoing a 33% pay cut. According to Daniel Garza, he understands that banks have their own investments and they also need to get their money back. He stated that the best way banks can do this is to help borrowers and homeowners.
Organizers of the event designed to prevent home foreclosures sent around 20,000 invitation letters to homeowners in the state. Recent housing market figures showed that around 50,000 residential properties in Indiana are facing possible foreclosure in 2010.