Mortgage finance and foreclosure forum

From the New Jersey Department of Banking and Insurance (DOBI):

DOBI announces public forums, education plan to address mortgage lending issues

The Department of Banking and Insurance today announced a series of measures designed to address recent difficulties experienced by New Jersey residents in relation to their home mortgages, including skyrocketing mortgage payments due to resetting adjustable rate mortgages and threats of foreclosure.

DOBI, hosted by local mayors, will conduct a series of community forums throughout the state to offer information and direction to homeowners who have or may have recently experienced difficulty in making their mortgage payments. DOBI is also working with the New Jersey Housing and Mortgage Finance Agency (HMFA), a state agency that makes below market-rate mortgages for first-time and urban home buyers, and distributes federal tax credits to promote the construction of low-income housing.
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“Homeownership is the American dream, but for those who have bought into unconventional mortgage products and have seen their mortgage payment increase to an untenable level, it has quickly become a nightmare,” said DOBI Commissioner Steven M. Goldman. “Educating and informing the public is the best defense against business arrangements with potentially catastrophic consequences. That’s what this consumer education campaign is all about.”

Each forum will include information from U.S. Department of Housing and Urban Development (HUD) certified debt adjusters and credit counselors, mortgage bankers, and mortgage servicers. Representatives from additional agencies, as well as DOBI staff, will be available to discuss potential options with homeowners and address such topics as how to spot and avoid “foreclosure prevention” scams.

All forums are scheduled from 7 p.m. to 10 p.m. For additional information on the forums, consumers can call the DOBI Office of Public Affairs at (609) 292-5064.
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OCTOBER 3
Paterson
The Christopher Hope Center
60 Temple Street
Paterson, NJ

OCTOBER 4
Berkeley Township
Central Regional High School
509 Forest Hills Parkway
Bayville, NJ

OCTOBER 10
Edison
City Council Chambers
100 Municipal Boulevard
Edison, NJ

OCTOBER 23
Atlantic City
Atlantic City Council Chambers
1301 Bacharach Boulevard
Atlantic City, NJ

OCTOBER 24
Vineland
Vineland City Council Chambers
640 East Wood Street
Vineland, NJ

OCTOBER 25
East Orange
East Orange Public Library
21 South Arlington Avenue
East Orange, NJ

OCTOBER 29
Trenton
Trenton City Council Chambers
319 East State Street
Trenton, NJ