Foreclosure Prevention and First-time Homebuyer Workshop Aims to Help Preserve Neighborhoods

SONOMA COUNTY, Calif., July 27 /PRNewswire-USNewswire/ -- The Federal Home Loan Bank of San Francisco (FHLBank San Francisco), in collaboration with NID Housing Counseling Agency, Saturday hosted a workshop on foreclosure prevention and first-time home buying. Held at the Redwood Credit Union in Santa Rosa, the event enabled area residents to receive advice on how to avoid foreclosure or learn more about home buying options in the current market.

"We want residents to know that help is out there," said Rep. Lynn Woolsey (D-CA), who was the special guest speaker at the event. "These workshops give lenders, homeowners, and homebuyers an opportunity to have face-to-face conversations about what can be done in their individual situation."

Attendees talked with housing counselors about foreclosure prevention or buying their first home and learned about available resources. In many cases, troubled homeowners are not aware that lenders would prefer to work out an arrangement that allows them to keep their homes, rather than going through a foreclosure process. Among the institutions participating in the workshop were Bank of America, CHASE, FHLBank San Francisco, NID Housing Counseling Agency, PNC, Redwood Credit Union, and Wells Fargo.

The number of foreclosures peaked in Sonoma County in 2008, when 2,820 borrowers lost their homes, before declining to 2,025 last year. Even so, during the fourth quarter of 2009, six property owners lost their houses and condominiums each day in Sonoma County.

In June 2010, there were 180 sales of foreclosures and short sales in Sonoma County. There were 235 such sales in June 2009.

FHLBank San Francisco has hosted 11 foreclosure prevention workshops in the past two years, as it seeks to help homeowners during the current housing crisis.

"Our goal is to provide families with the information that they need to keep their homes," said Lawrence H. Parks, Senior Vice President of External Affairs for FHLBank San Francisco. "Oftentimes, homeowners are not aware of the options available to them. These workshops give them the opportunity to learn what options are best for their families."

The Federal Home Loan Bank of San Francisco

The FHLBanks are a government-sponsored enterprise (GSE) created in 1932 to ensure affordable housing for all Americans. Today they also provide funding for small business, rural and agricultural loans. Approximately 8,100 community financial institutions around the country are members of the Federal Home  Loan Bank System. The Council of FHLBanks represents all twelve FHLBanks.

CONTACT:  Kevin Blackburn of Federal Home Loan Bank of San Francisco, +1-415-616-2572,  [email protected]

SOURCE Federal Home Loan Bank of San Francisco