February 12, 2008

            LANSING − Following up on the most widely attended mortgage foreclosure forum in the nation, Attorney General Mike Cox's office is hosting three more Avoid Foreclosure forums to help at-risk homeowners. The new forums will be in Detroit today, Saginaw on February 13, and Grand Rapids on February 14. Cox held the nation's largest foreclosure forum in Detroit in December 2007, where more than 4,200 homeowners had an opportunity to speak face-to-face with servicers and independent loan counselors. All forums are open to the public and free of charge.

            "If you're a homeowner who has fallen behind on your mortgage or are at risk of losing your home, then I encourage you to take advantage of this free forum to speak with your loan servicer or an independent loan counselor," said Cox. "Michigan is second only to Texas in the number of foreclosures across the nation. I encourage all homeowners with questions to attend these free forums and learn how they can avoid foreclosure."

            Cox organized the first "Avoid Foreclosure Forum" on December 13, 2007, at Cobo Hall. The forum brought together 21 of the nation's largest loan providers and servicers, as well as 11
HUD-approved nonprofit agencies, representatives from OFIS (Office of Financial and Insurance Services), and local county treasurers' offices.

            As many as 25 servicers have indicated they will participate in the avoid foreclosure forums. For more information on whether your loan servicer or provider will be attending, please visit www.michigan.gov/agand click on the Avoid Foreclosure button.

            Letters from the Attorney General were mailed out to more than 30,000 homeowners inviting them to the forums in their respective areas. The mailings included a letter from the Attorney General, a flyer for free parking, a brochure with tools and tips to help save your home and a worksheet to help borrowers prepare for their meetings. Recipients have been identified as persons with whom a lender would like to discuss possible remedies to help the borrowers avoid foreclosure.

            "Foreclosure is a problem that affects everyone," continued Cox. "My goal is to bring the servicers and homeowners together."

            The forums will be held:

• Detroit − Today from noon to 7 p.m. at Cobo Hall, One Washington Blvd., Detroit;
• Saginaw − Wednesday, February 13, noon to 7:00 p.m. at The Dow Event Center, 303 Johnson St., Saginaw; and
• Grand Rapids − Thursday, February 14, noon to 7:00 p.m. at The DeltaPlex Entertainment and Event Center, 2500 Turner Ave., NW, Grand Rapids.

            For more information about the "Avoid Foreclosure Forums," including the free parking flyer, the downloadable brochure on tools and tips to help save your home, and contact information for the lenders and service providers attending the "Avoid Foreclosure Forum," please visit the Attorney General's website at www.michigan.gov/ag.

            These mortgage foreclosure forums come on the heels of the settlement with Ameriquest on predatory lending. More than 18,400 consumers in Michigan will receive a check as a result of that nationwide settlement. Michigan's share of the settlement is $14.5 million.

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