State of Delaware Announces May Schedule for Foreclosure Prevention Clinics
| Status | For Immediate Release | Contact | Gerry Kelly or Albert Shields |
| Release Date | Wednesday, 1 May 2008 | Phone | (302) 577-5092 / (302) 577-8787 |
The State of Delaware and the Federation of State Housing Counselors are continuing to offer clinics for residents seeking information on how to prevent or stop foreclosure. The free foreclosure prevention clinics will review Delaware's foreclosure timeline and updates on Federal and State programs. The clinics will also cover information on adjustable rate mortgages. If you are behind in your mortgage or have an adjustable rate mortgage, it is important for you to attend. A question-and-answer period will follow the clinics.
Delaware residents who have a "pick a pay" or payment option mortgage (generally known as option adjustable rate mortgages) are also encouraged to attend if they are paying the minimum amount. Recent national data shows these mortgages rapidly falling into delinquent status and, according to one recent study, losses on option arms could end up close to subprime mortgage levels. A number of Delaware residents have attended our clinics with the option arm mortgages and end up in serious trouble when the mortgage switches from the minimum payment to the almost double payment of full principal and full interest.
If you are unable to attend one of the meetings, please consider calling the Homeownership Preservation Foundation Hotline at 1-888-995-HOPE or visiting www.995hope.org. We also encourage you to visit http://portal.delaware.gov/foreclosureinfo/.
May 2008
BEAR
Monday, May 19(5:30 p.m. - 8:30 p.m.)
Bear Library
101 Governor's Place
Bear, DE 19701
DOVER
Monday, May 5 (6 p.m. - 8:30 p.m.)
NCALL Research
363 Saulsbury Road
Dover, DE 19904
Call (302) 678-9400 for reservations
Wednesday, May 28 (6 p.m. - 8:30 p.m.)
Dover Library
45 South State Street
Dover, DE 19901f
GEORGETOWN
Wednesday, May 7 (6 p.m. - 9 p.m.)
Delaware Tech and Community College
Routes 113 and 18
Georgetown, DE 19947
Monday, May 19 (6 p.m. - 8 p.m.)
NCALL Research
110 S. Bedford Street
Georgetown, DE 19947
Call (302) 678-9400 for reservations
MIDDLETOWN
Wednesday, June 18, 2008 (5:30 p.m. - 8 p.m.)
Appoquinimink Library
651 N. Broad Street
Middletown, DE 19709
NEWARK
Thursday, May 22, 2008 (6 p.m. - 8 p.m.)
YWCA
153 E. Chestnut Hill Road
Newark, DE 19713
Call (302) 224-4060 ext. 200 for reservations
WILMINGTON
Saturday, May 24, 2008 (10:30 a.m. - Noon)
Woodlawn Library
2020 West 9th Street
Wilmington, DE 19805
For more information, contact: Gerry Kelly, Deputy Bank Commissioner for Consumer Affairs gerard.kelly@state.de.us, (302) 577-5092; or Albert Shields albert.shields@state.de.us, (302) 577-8787.
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