Cleveland Fed offering foreclosure, financial fitness workshop

Home consumers can receive free financial information during a Foreclosure Prevention Workshop and Financial Fitness Forum from 2 PM to 8 PM November 20 at Xavier University's Schiff Conference and Banquet Center.

The Federal Reserve Bank of Cleveland is assisting HOPE NOW Alliance and NeighborWorks America to organize the borrowers' outreach day, which aims to personally connect distressed homeowners to their lenders to talk through potential alternatives to foreclosure.

Those interested in meeting with their lender should bring information on income, expenses, and their mortgage.

"Studies show that more than half of homeowners do not seek help when they begin to fall behind on payments," says Anne DiTeodoro, public information coordinator for the Cleveland Fed.  "Yet those who do seek help in the early stages of delinquency are more likely to avoid foreclosure."

The event will also feature local financial education organizations and presentations on timely consumer credit issues such as rebuilding bad credit, avoiding foreclosure scams, and budgeting for future financial stability.

DiTeodoro says that the Cleveland Fed has a stake in the stability of homeownership, which is why they have sponsored several of these events.

"The current high rate of foreclosure is both a chief policy concern and a key priority at the Federal Reserve Bank of Cleveland," she says.  "The costs of foreclosures to homeowners and to communities are significant and potentially devastating, threatening local and regional economic growth and recovery."

She hopes that people will take advantage of the workshop not only to help themselves, but to help their communities.

"For borrowers, foreclosures can result in a loss of home equity, impaired credit, and more limited access to stable housing and employment," DiTeodoro says.  "For communities, foreclosed and vacant properties can reduce the value of nearby homes, draining a community's investments in neighborhood revitalization and eroding local governments' tax bases."

Writer: Kevin LeMaster
Source: Anne DiTeodoro, public information coordinator, Federal Reserve Bank of Cleveland