Foreclosure prevention coming to Jamaica

After a record year of foreclosure filings in southeast Queens, City Comptroller William Thompson’s office is bringing education about subprime mortgages directly to the community with the hopes of curtailing the problem.
Thompson’s office, along with a number of local elected officials, is hosting a free seminar at York College on Monday, February 4 where experts in banking and non-profit divisions will provide advice to homeowners who may be a victim of a subprime loan and face foreclosure. The panelists will give presentations about avoiding foreclosure and predatory lending, savings and credit as well as financial maintenance and protection of one’s home.
“One of the things we hope to do by holding the conference there [southeast Queens], is really go into the area that is most affected by foreclosures,” said Denise A. Pease, Assistant Comptroller for Commercial Banking.
Pease, a Corona resident who said she almost became a foreclosure victim a number of years ago after being out of work with an illness, said that residents who believe they may be a victim of a bad subprime loan should seek assistance now.
“One of the things we are trying to do is tell people there is no shame to do this,” Pease said. “The shame is if you lose your property because you [don’t look for help].”
In addition to the seminars, representatives from Thompson’s Foreclosure Prevention Hotline will be available to take information from residents who may already be facing foreclosure or think they are a victim of a subprime loan.
After seeing the skyrocketing foreclosure rates, Thompson’s office launched the hotline in April of 2007, and at the end of the year, more than 2,500 people called to ask for help. Currently, the hotline has 322 active cases from Queens - the largest of any area throughout the city - and that number accounts for 42 percent of the active cases overall.
“While the city’s ability to regulate banking practices is limited due to prevailing state and federal legislation, we must continue to use our resources to support consumer education and coordinative actions,” said City Councilmember Leroy Comrie, who represents southeast Queens. “I want to urge Queens’ residents to attend the conference on February 4 and learn how they can better safeguard their families’ future.”
The comptroller’s office is asking all residents who are interested in attending the free conference to register first by calling at 212-669-3089 or sending an e-mail to rsvp@comptroller.nyc.gov. The forum, which will take place at York College’s Academic Core Building located at 94-20 Guy R. Brewer Boulevard will begin at 6 p.m. and conclude at 9 p.m.
All persons that attend are encouraged to bring all of their documents relating to their loan so representatives from the comptroller’s office can review them.