Albuquerque, NM – New Mexico families are fighting back against the foreclosure crisis. The offices of the state's Attorney General and Lieutenant Governor are joining forces with a local credit union and several nonprofit groups to help New Mexicans keep their homes by holding a "foreclosure prevention clinic," this Saturday in Albuquerque.
Ona Porter with Community Action New Mexico explains that many families have just learned that the monthly payments on their adjustable rate mortgages could be increasing next month by as much as 50 percent or more.
"What we're trying to do at this event, is get to those people early. Anybody who is in trouble because they've just been notified about a reset of their mortgage payment, we're in a much better position to provide assistance."
Porter says financial planners and other experts will be on hand to help assess families' individual situations.
"We are going to have step-by-step instructions for individuals to use with their mortgage companies. We will also provide families with beneficial advice to coach them through any barriers that they're finding as they are trying to save their homes."
The event is free and open to anyone concerned about the affordability of his or her current home loan. A local credit union will also be on hand to help eligible families begin refinancing.
