Foreclosure prevention workshop plus help for first time buyers
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REBC | Quote | Chart | News | PowerRating -- A free workshop for homeowners hoping to avoid foreclosure and for first-time homebuyers is being held from 8:30 a.m. to noon Saturday at the Redwood Empire Fairgrounds in Ukiah. There will be panel presentations, workshops in Spanish and English, and written materials to take away. Free individual foreclosure prevention counseling will be available. Admission, counseling, and parking are free; families are welcome and there will be refreshments.
"My office has been working for the last year with local lenders, housing counselors, legal advocates and others to assist first time homebuyers and those who may be facing foreclosure," said US Representative Mike Thompson. "This forum will help address the foreclosure crisis by providing people with information and getting questions answered by experts."
Assemblyman Wes Chesbro agreed, saying, "We are grateful to our community institutions for providing their time and resources to help others. We're hoping these counseling sessions provide sound advice so families can avoid losing their homes."
Both Thompson and Chesbro are expected to attend at least part of the session.
People seeking foreclosure prevention assistance from HUD-certified housing or legal services counselors must bring two current pay stubs, two most recent W-2 forms, four most recent monthly bank statements if they are self-employed, most recent mortgage statement, recent correspondence with the lender, and a list of monthly expenses.
First
time homebuyers could qualify for up to an $8,000 tax credit being offered by the federal government for homes purchased between January 1, 2009 and April 30, 2010. Congress recently extended the program. There are a host of eligibility limits to qualify and details are available at www.federalhousingtaxcredit.com.
A tax credit differs from a deduction because a tax credit is a dollar-for-dollar reduction in what the taxpayer owes. That means that a taxpayer who owes $8,000 in income taxes and who receives an $8,000 tax credit would owe nothing to the IRS.
The Federal Home Loan Bank of San Francisco working with the Mendocino/Lake Housing Foreclosure Prevention are holding the sessions assisted by the Mendo Lake Credit Union, Northern Circle Indian Housing Authority, Redwood Credit Union, Rural Communities Housing Development Corporation, Savings Bank of Mendocino County, and The Bogner Group.
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