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It's a party and no lenders showed up..
MURRIETA: Lenders' absence hampers foreclosure workshop
City officials say only one company accepted request to participate
By NELSY RODRIGUEZ - Staff Writer | Friday, July 18, 2008 6:10 PM PDT ∞
6 comment(s) Increase Font Decrease Font email this story print this story MURRIETA ---- City leaders who organized a recent foreclosure workshop expressed frustration this week that few lenders turned out to participate in the discussion.
During a foreclosure workshop held last weekend at Calvary Chapel in Murrieta, more than 350 residents sought information and advice on keeping foreclosure signs off their front lawns. Participants lobbed questions about their options and the process of foreclosure at representatives from the Fair Housing Council of Riverside County, U.S. Housing and Urban Development and U.S. Rep. Mary Bono Mack, R-Murrieta.
Of about 20 banks and lenders who were asked to participate in the workshop, only one, Washington Mutual, came to the event.
The empty seats frustrated council members, who have been reaching as far as Washington, D.C., for information on how to help residents stay in their homes.
"It's going to take effort on everyone's part to solve the problem," Councilwoman Kelly Bennett said. "(The lenders) are in our community by the fact that they are lending on properties in this town, and they need to be at the table next time."
The workshop was called as the rash of foreclosed properties continues to spread across the state at the rate of 2,000 new listings a day, according to www.ForeclosureRadar.com, an online database that tracks foreclosed homes. Murrieta distinguishes itself even within Riverside County, which has one of the highest foreclosure rates in California, with 787 homes already repossessed and nearly 1,600 others headed in that direction.
The six-hour workshop, coordinated by Murrieta officials, brought housing advocates and distressed property owners together. Homeowners were given the opportunity to ask questions directly related to their circumstances and possibly start renegotiating their loans with lenders, assisted by housing advocates.
"It was one of those bittersweet experiences," said Councilman Doug McAllister. "These are real people, and that was sobering."
Along with passing ordinances related to the maintenance of foreclosed properties, the city has taken numerous steps to address the issue. A second workshop for elected officials to brainstorm ways to help at-risk residents is in the works. In addition, city staff members intend to answer more than 175 written questions posed by the workshop participants on the city's Web site soon, said Brian Ambrose, a senior analyst with the city.
Murrieta also plans to open a local office for the Fair Housing Council, a nonprofit housing advocate, within the next few weeks, said Nancy Driggers, assistant to the city manager.
Driggers said the council will use a conference room in the Murrieta Public Library two days a week to help homeowners address their mortgage issues.
McAllister said having a housing advocate locally will help residents who feel they have no ground to stand on when they talk to their lenders, a point further evidenced by the lack of lenders at the workshop.
"This is beyond a numbers game," McAllister said. "We're all busy, none of us has time, but it's important because these are real lives."
John Sini, a Realtor with The Homebuyers Marketplace in Murrieta, who has lenders in his office, said he received an e-mail from the city inviting him to the workshop, but he had other arrangements for the day.
While he agreed that some communications among the different parties invested in the housing market could be useful, homeowners won't get anywhere until they actually contact their lenders.
"Everybody's in the same boat," Sini said. "And one entity is not going to be willing to compensate enough to satisfy the other. It's going to all boil down to how open their bank is to modifying their terms."
MURRIETA: Lenders' absence hampers foreclosure workshop
City officials say only one company accepted request to participate
By NELSY RODRIGUEZ - Staff Writer | Friday, July 18, 2008 6:10 PM PDT ∞
6 comment(s) Increase Font Decrease Font email this story print this story MURRIETA ---- City leaders who organized a recent foreclosure workshop expressed frustration this week that few lenders turned out to participate in the discussion.
During a foreclosure workshop held last weekend at Calvary Chapel in Murrieta, more than 350 residents sought information and advice on keeping foreclosure signs off their front lawns. Participants lobbed questions about their options and the process of foreclosure at representatives from the Fair Housing Council of Riverside County, U.S. Housing and Urban Development and U.S. Rep. Mary Bono Mack, R-Murrieta.
Of about 20 banks and lenders who were asked to participate in the workshop, only one, Washington Mutual, came to the event.
The empty seats frustrated council members, who have been reaching as far as Washington, D.C., for information on how to help residents stay in their homes.
"It's going to take effort on everyone's part to solve the problem," Councilwoman Kelly Bennett said. "(The lenders) are in our community by the fact that they are lending on properties in this town, and they need to be at the table next time."
The workshop was called as the rash of foreclosed properties continues to spread across the state at the rate of 2,000 new listings a day, according to www.ForeclosureRadar.com, an online database that tracks foreclosed homes. Murrieta distinguishes itself even within Riverside County, which has one of the highest foreclosure rates in California, with 787 homes already repossessed and nearly 1,600 others headed in that direction.
The six-hour workshop, coordinated by Murrieta officials, brought housing advocates and distressed property owners together. Homeowners were given the opportunity to ask questions directly related to their circumstances and possibly start renegotiating their loans with lenders, assisted by housing advocates.
"It was one of those bittersweet experiences," said Councilman Doug McAllister. "These are real people, and that was sobering."
Along with passing ordinances related to the maintenance of foreclosed properties, the city has taken numerous steps to address the issue. A second workshop for elected officials to brainstorm ways to help at-risk residents is in the works. In addition, city staff members intend to answer more than 175 written questions posed by the workshop participants on the city's Web site soon, said Brian Ambrose, a senior analyst with the city.
Murrieta also plans to open a local office for the Fair Housing Council, a nonprofit housing advocate, within the next few weeks, said Nancy Driggers, assistant to the city manager.
Driggers said the council will use a conference room in the Murrieta Public Library two days a week to help homeowners address their mortgage issues.
McAllister said having a housing advocate locally will help residents who feel they have no ground to stand on when they talk to their lenders, a point further evidenced by the lack of lenders at the workshop.
"This is beyond a numbers game," McAllister said. "We're all busy, none of us has time, but it's important because these are real lives."
John Sini, a Realtor with The Homebuyers Marketplace in Murrieta, who has lenders in his office, said he received an e-mail from the city inviting him to the workshop, but he had other arrangements for the day.
While he agreed that some communications among the different parties invested in the housing market could be useful, homeowners won't get anywhere until they actually contact their lenders.
"Everybody's in the same boat," Sini said. "And one entity is not going to be willing to compensate enough to satisfy the other. It's going to all boil down to how open their bank is to modifying their terms."
