PMI and LULAC Offer Free Foreclosure Prevention Services

Florida Foreclosure News & Information

WALNUT CREEK, Calif., July 11 /PRNewswire-FirstCall/ -- Barbara Burton, of Austin, Texas, was behind on her mortgage payments by 17 months and $39,000.

Facing an auction sale of her home in two days, Burton called the League of United Latin American Citizens (LULAC), which offers foreclosure prevention assistance through its subsidiary, LULAC National Housing Commission (LNHC).

With the help of LNHC, Burton's home was saved from foreclosure just two hours prior to the auction sale.

"You not only save homes, you save lives. And mine is one of them," Burton said of LNHC's foreclosure prevention program.

With foreclosure rates increasing across the country, PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. , and LNHC have teamed up to provide resources to families who are behind on their mortgages.

PMI today announced a $29,000 grant to LNHC for sponsorship of five foreclosure prevention clinics.

"PMI's support of foreclosure prevention programs promotes strong communities, family stability, and expanded homeownership opportunities," said David Katkov, President of PMI Mortgage Insurance Co. "It's important that borrowers who think they might run into trouble contact their lenders, a non- profit housing agency, or another trusted advisor to get help. Foreclosures are time consuming and expensive, and don't benefit anyone: chances are good that lenders would rather work with borrowers in trouble than go through the foreclosure process."

The grant will fund ongoing seminars to educate housing professionals, such as real estate agents, non-profit agencies, religious groups and public agencies, of the options available to prevent foreclosures. The clinics offer services directly to homeowners who are facing immediate foreclosure problems, and educate them on the advantages of communicating with their lenders, the basics of foreclosures laws, and available options. The seminars are free and available in English and Spanish.

A foreclosure clinic is being held this week in Chicago during the LULAC National Convention at the Navy Pier. Counselors are available July 11 - 14, 10 a.m. to noon, and 2 p.m. to 5 p.m., to provide information and help homeowners resolve foreclosure issues.

Clinics have already been held in Orlando and Miami, Florida, and helped more than 100 families. Another 50 families are on a waiting list to receive counseling, and 120 real estate professionals attended the training sessions.

Two more clinics are scheduled in Tampa, Florida, and Oxnard, California. Clinics are free and open to the public. For clinic dates, times, and locations, or for more information LNHC's ongoing foreclosure prevention seminars, email email@lulachousing.com or call 214.750.8194.

"We believe homeownership is the key to economic development, and that safe, stable neighborhoods are essential to individual achievement and community vitality," said LNHC's Executive Director, Marcos Rincon. "With the support and commitment of companies like PMI, we are able to help more families keep their homes."

PMI Mortgage Insurance Co.

PMI Mortgage Insurance Co. (PMI U.S.), a subsidiary of The PMI Group, Inc. , provides residential mortgage insurance to mortgage lenders, capital market participants, and investors throughout the United States. PMI U.S. is incorporated in Arizona, headquartered in Walnut Creek, CA, and licensed in all 50 states, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. By mitigating default risk, residential mortgage insurance expands home ownership opportunities and assists financial institutions in reducing the capital they are required to hold against low down payment mortgages. PMI U.S. is rated AA by Standard and Poor's, Aa2 by Moody's, and AA+ by Fitch. For more information: www.pmi-us.com.

About the LNHC

The Dallas-based LULAC National Housing Commission is an independent subsidiary of The League of United Latin Citizens which is located in Washington, DC. LULAC is the nation's largest Hispanic organization with over 700 councils and 150,000 members. The LULAC National Housing Commission provides homebuyer education services to increase homeownership throughout the United States. Since its inception over 75 years ago, LULAC has made numerous contributions in the areas of education and civil rights and is now embarking on increasing housing opportunities for the Hispanic community. For more information, please call our corporate office 214.750.8194 or email@lulachousing.com.

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