COMMUNITY GROUPS, BANKS, HOUSING PROFESSIONALS COME TOGETHER TO HELP OUT HOMEOWNERS IN FREE FORECLOSURE ASSISTANCE WEEKEND
Under water, upside down, or just behind on a few payments?
Homeowners worried about foreclosure will get help from New Mexico’s housing
counselors, major banks, and financial planning experts in a free, four‐day foreclosure
assistance event, March 15‐18, at the University of New Mexico School of Law.
The New Mexico Attorney General’s Office, the United South Broadway
Corporation/Fair Lending Center, and the UNM School of Law, in cooperation with the New
Mexico Congressional delegation and a number of major banks, have designed the event to
help distressed homeowners statewide. Borrowers who are currently in some stage of the
foreclosure process, anticipate that they may fall behind on their mortgages, or are upside
down and need to sell their homes, will receive hands‐on assistance from housing
professionals and lenders. Participating banks will include CitiMortgage, Chase, and Wells
According to Assistant Attorney General Karen Meyers, who heads up the Attorney
General’s Consumer Protection Division, New Mexico has more than its fair share of
homeowners who need help. “Foreclosure is among the most pressing issues we see right
now,” she says. “It’s a national problem, but it’s also very much a New Mexico problem. In
New Mexico, more than 17,000 households are seriously delinquent on their mortgage and
approximately another 9,000 homeowners are in foreclosure. We need to make sure these
folks have access to real options – like loan modifications or other relief – to help them stay
in their homes,” Meyers says.
“Reports indicate that as many as 85% of New Mexico homeowners lose their
homes by default because they never respond to the foreclosure complaint,” says UNM
School of Law professor Nathalie Martin. “Foreclosure is a confusing and emotional
situation under the best of circumstances, and too many people either are just giving up or
are trying to navigate the process without any help. As a result, families are losing their
homes when they might be able to keep them,” she says.
The four‐day event kicks off with a full day of foreclosure classes for attorneys,
housing professionals, and the general public. Friday through Sunday the School of Law will
be turned over for strategy sessions with housing counselors, consumer education
seminars, and meetings with participating banks. The entire weekend is free and open to
the public, and no reservations are required.
Homeowners are encouraged to plan on spending half a day at the event and to
bring all of the documents required by banks in order to process a loan modification
request. A full list of these documents is available at www.helpingnmhomeowners.com,
along with a schedule of events and an updated list of participating banks.
The Helping New Mexico Homeowners Weekend is sponsored by the New Mexico Attorney
General’s Consumer Protection Office, the United South Broadway Corporation/Fair Lending
Center, and the UNM School of Law. For more information, the public can visit
www.helpingnmhomeowners.com or email [email protected]
IMAGES, INTERVIEWS, and FURTHER INFORMATION AVAILABLE ON REQUEST