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A Fight Against Foreclosures

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By : Leticia Carvalho    99 or more times read
In Forest Lake, foreclosures have gone out of control that its city council has agreed to conduct a seminar co-sponsored by Wells Fargo, hence, the Wells Fargo Bank Home Mortgage Open House, with the help of their local bank in the coming winter at the City Hall. To sponsor this event, taxpayer money will be used where about $350 for marketing of the event.

According to a consultant at Wells Fargo Mortgage, residents of Forest Lake have developed an interest in the foreclosed homes affecting every resident in the area. They believe an open house would be what people would need especially first-time buyers. The event would not only educate buyers of the proceedings of mortgages but would also be highlighting homes in Forest Lake. The city can definitely benefit from this event in the long run as it is opened to opportunities to develop sales of properties in the area.

The following are the agendas of the program:

  • Program overview especially for first-time buyers
  • The present situation of funds in mortgages
  • Program details on purchasing and renovating
  • A talk from a representative from the Forest Lake Chamber of Commerce
  • Ways on preventing foreclosures

On the contrary, some council members think it would be too much of a risk to use taxpayers’ money in organizing a private event like this. They said with public funds, other private banks should be allowed to participate in the event. Lakes Area Bank is one of the private banks who has shown interest of participation in a program like this saying they could use the exposure especially since people are not well aware they are offering home mortgages.

Aside from the banks benefiting, more importantly benefactor of this event would be the people who are interested in investing on homes. According to a mortgage officer in US Bank, this has been proven in seminars conducted in school districts through an educational program. Not only are people carried away from the risks of foreclosures, but also aware of how they may acquire of it and even check out offers available in the housing market.

According to the organizer, Wells Fargo, other banks would also be allowed to set up their tables during the event that will be running for three hours. Wells Fargo together with two participating real estate agents is willing to fund $500 each for event advertising and expenses.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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