Stone Mountain, GA, October 04, 2008 --(PR.com
)-- The Stone Mountain-Lithonia Chapter (NCBWSML) of the National Coalition of 100 Black Women, Inc. will facilitate an instructional workshop on how to weather the current credit/loan crisis, focusing on how to boost credit scores, strategies to prevent foreclosure, and the ins and outs of reverse mortgages. This seminar will be Thursday, October 23, 2008 from 6:30 to 8pm at Antioch Lithonia Missionary Baptist Church 2152 Rock Chapel Road Lithonia, GA 30058 (770) 482-1277.
It is has become harder than ever to refinance primary residences and investment properties, work out a deal with a lender when one is behind on payments, or to decide whether a reverse mortgage is the best option. Although interest rates are steady, many loan products available just 6 months ago are no longer on the table, and creditors are becoming picky when deciding to whom to extend credit. But there is help out there.
“Lenders are in the business of earning interest, not holding real estate, so they are motivated to work with customers who need a little help,” states Cindy Joy Brown, real estate broker with Coldwell Banker Sanford Realty Co. However, these lenders need to see that such assistance will help the borrower get on the right track. “That’s where credit repair comes in: remove or correct inaccurate items to boost your scores so your bank is willing to adjust your terms,” stated Kenny Pugh, President of Integrity Consulting Solutions.
“The economic downturn has really hit the elderly hard,” stated Frankie Hodge-Jones, mortgage broker with Mortgage Services, Inc. “The decision as to whether to refinance or take out a reverse mortgage has become that much more difficult with the squeeze in lending and the decline in home values. Consulting a professional makes it easier to make the right decision.”
Finance 202 attendees will obtain information on how one may legally boost credit scores to qualify for FHA and conventional loans, step-by-step process of how to prevent foreclosure if you are behind on your payments, and the pros and cons of a senior citizen entering into a reverse mortgage and the legal ramifications to the borrower and his/her heirs. There will be resource contacts, pertinent materials and a Q & A period where attendees may pose questions to experienced mortgage brokers, credit consultants, real estate brokers and attorneys.
NCBWSML is an advocacy organization dedicated to bringing “voice” to the issues that concern women of color and children. For further information, contact Lynita M. Mitchell-Blackwell at (404) 551-5437.