Saturday, January 12, 2008

Sub Prime Mortgage Workshops Throughout California

In keeping with Governor Schwarzenegger's efforts to keep Californians in their homes, his interdepartmental task force has scheduled a series of nine workshops throughout the state aimed at helping subprime borrowers avoid foreclosure.

The workshops bring lenders and consumers together to discuss options available to homeowners with rate increases looming or those who've already defaulted on payments due to interest rate increases.

The schedule is as follows:

Saturday, January 12th - Oakland

Thursday, January 24th - Bakersfield

Saturday, January 26th - Fresno

Tuesday, January 29th - Roseville

Saturday, February 2nd - Stockton

Saturday, February 9th - Downey

Wednesday, February 13th - San Diego

Saturday, February 16th - Sacramento

Saturday, February 23rd - Riverside

Homeowners are asked to bring their loan documents and other relevant financial information to the workshops to take advantage of on-site loan counselors.

The workshops last approximately two to three hours, and have been scheduled on evenings and weekends to encourage participation and are always free of charge.

For detailed information about the workshops, please visit or

Last month, Governor Schwarzenegger joined the OneCalifornia Foundation to announce a bridge loan fund for homeowners facing foreclosure in Oakland, which has the tenth highest foreclosure rate in the nation. The OneCalifornia Foundation Bridge Loan Fund is designed to assist homeowners that don't qualify for other assistance.

Governor Schwarzenegger launched a $1.2 million public awareness campaign - funded through existing consumer education efforts within the Business, Transportation and Housing Agency and the State and Consumer Services Agency - to help educate homeowners about options that can help them avoid losing their homes to foreclosures. He also announced an agreement with four loan servicers - representing 25 percent of the market - to streamline the loan modification process for subprime borrowers living in their home.

Earlier this year, Governor Schwarzenegger signed legislation to increase protections for Californians who own or plan to purchase homes and to expand affordable housing opportunities. The Governor has also lobbied Congress to raise federal loan limits so that more California families can take advantage of these secure products, rather than relying on subprime loans.