Thursday, August 21, 2008
Orange County Convention Center
North Building – 3rd Floor – Room N320
9400 Universal Blvd.
Orlando, FL 32819
2:00 p.m. to 8:00 p.m. EST
Contact: Mark Lindsey, Abernathy MacGregor. firstname.lastname@example.org (310) 343-5844.
The nation’s second largest mortgage insurer PMI Group (www.pmi-us.com) has released its annual Economic Real Estate Trends report, and the study reveals that several major housing markets in Florida and California are at the highest risk nationwide of severely declining property values over the next two years due to foreclosure and the downfall of the housing bubble. Foreclosure has severely impacted communities across Florida, and this week’s stormy weather has only further complicated the crisis of declining property value and home foreclosure across the state.
Especially for new property owners who may purchase condos or other kinds of compact properties for a starter home, foreclosure in our weakening economy can be a major concern.
To help fight this housing debacle, The PMI Group (www.homesafepmi.com) has partnered with the Hope Now alliance (www.hopenow.com) to fight home foreclosure across the country, one community at a time. They are hosting a series of community-based, non profit mortgage workshops, and we will be visiting several Florida communities from Thursday, Aug. 21 through Saturday, Aug. 23 with representatives from dozens of major lending banks, debt counselors and financial experts, all prepared to speak one-on-one with families and homeowners facing challenges meeting their mortgage payments.
According to a January 2008 study published by Freddie Mac, fewer than 50 percent of homeowners contact their lender prior to entering foreclosure. With these homeownership preservation events, PMI Group has successfully helped hundreds of families to keep their homes with specialized mortgage workout programs and unique financial arrangements with their lenders. Most often, individuals entering foreclosure are the unfortunate victims of the poorly regulated lending practices exercised in the early part of the decade, leaving them with a loan arrangement not appropriate to their actual income level.
In a casual, sit-down conference with a lender, homeowners can find solutions to foreclosure they often are unaware may be available to them. Our new Risk Index Survey also shows the widespread economic impact of the real estate downturn, with several markets in Florida at the highest nationwide risk level for severely declining property values over the next two years.
If you can’t make it: Homeowners who cannot attend the event can still find help at the Hope Now website, www.hopenow.com, or by calling 1-800-HOPE-NOW.