The Honorable Congressman Jerry Lewis and the City of San Bernardino are sponsoring a free homeownership preservation workshop this Saturday, August 16. 

Come hear first hand from Congressman Lewis what Congress is doing to help homeowners; get homeownership and foreclosure prevention that can save your home; talk one-on-one to a Housing of Urban Development Housing Counselor or to a lendor; and listen to a panel of volunteer experts and community lenders. 

This is a unique oppportunity to get expert advice during these hard economic times when many homeowners have few options left.  Here's an interesting article from the LA Times which points out that while most of  the nation's housing markets are showing signs of improvements, California is not.  Thanks to our inflated market, California- specifically the cities of Ontario, San Bernardino, and Riverside- are victims of rising foreclosures and further deterioration.   Here's a very thorough analysis of the crisis in California that was done by PMI's Chief Economist and Strategist. 

Below is more information.  Statistically speaking, I know some of our readers are affected by the current foreclosure crisis- thus I hope you find this information useful:

PMI HomeSafe Program - San Bernardino Homeownership Preservation Workshop

The risk of housing foreclosure severely impacts your family and contributes to declining property values in your neighborhood.  As a result of widespread foreclosure, particularly hard-hitting California, San Bernardino County has the nation's highest risk for declining property values over the next two years, as reported by one of the country's leading mortgage insurance providers, The PMI Group (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 lending bank's preferred action if you default on or miss your mortgage payment.  However, lenders actually want to keep you and your family in your home - banks can actually 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:

Hope Now non-profit mortgage workshop is aimed at helping San Bernardino and Inland Empire homeowners cope with the housing crisis 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!  Parking fills up quickly!

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

Cost:                            Free!

Phone:                          (909) 862-6030  - RSVP early this week to ensure you will have an appointment with your lender!

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 this 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 can not 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.