Financially troubled homeowners will get an insight into the mortgage foreclosure process and advice on avoiding it at a workshop scheduled Saturday at Gilbert Civic Center.
The workshop, part of a Valley-wide effort by the Leadership Centre and the Arizona Foreclosure Prevention Task Force to stem the rising tide of foreclosures, is aimed at teaching families about crisis budgeting and strategies for keeping their homes.
Residents who live in neighborhoods plagued by foreclosed properties will also get information on how to maintain their own property values amid the blight that often comes with abandoned houses.
Several speakers are lined up for the event, including representatives from the Don't Borrow Trouble Campaign and Arizona Saves. The goal is to help people before it's too late, said Cheri Horbacz with the task force, which also plans a workshop Jan. 10 in Mesa.
Similar workshops elsewhere in the Valley have brought in crowds of 500 people; one in Glendale drew 1,800.
Participants will learn how to talk to their lenders about loan modifications because about half of homeowners facing foreclosures fail to talk with their lender during the process, said Patricia Garcia-Duarte, task force chairwoman.
"We want to make sure people feel comfortable. The bank is calling, but they may have an option," Garcia-Duarte said.
Beleaguered owners will also learn how to save money, and maybe their homes, even when facing a foreclosure. A class will teach 90-day crisis budgeting, said Jennifer Quillin with Arizona Saves.
Quillin said many lenders require money up front if a loan modification is agreed on. Even if terms can't be reached, homeowners should still trim their budgets to save money, she said.
"If they are not able to save their home, they'll need that money to move out," Quillin said. "It's not a 'no bill holiday' when you can't make a mortgage payment."
Speakers will also touch on the tax ramifications of foreclosures and what to expect during legal proceedings.
Mark Lines, an attorney with Shaw and Lines, will speak on trustee sales and personal liabilities that could be retained after a foreclosure.
Organizers hope people will leave the workshop energized to survive the down market.
"They'll walk out feeling like they are the CEO in charge of their company and no one cares more about their money than they do," Quillin said.
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