The cavernous halls of the Tucson Convention Center housed a remarkable assembly yesterday. Almost 500 homeowners facing foreclosure attended "Don't Borrow Trouble" workshops and one-on-one consultations with experts from nonprofits, county, state and federal agencies, and lenders. A large percentage of these homeowners will save their homes from foreclosure. Many will receive restructured loans with lower interest rates, fixed rates that will replace adjustable volatility, extended payment terms, and reduced or eliminated penalties.

Congratulations to Pima County officials for a job well done! Organizer Betty Villegas, (shown at right) Affordable Housing Program Manager, said that the county sent letters to all homeowners who received notices of trustee sales. Sadly, many of the letters were returned to the county, signaling the fact that many homeowners have already abandoned their properties and given up hope. Many homeowners who came to yesterday's event left with paperwork in hand, a plan in place for loan redemption, and a feeling of hope.

There was an impressive list of partners, including Freddie Mac, HUD, Legal Aid, major lenders, ACORN, The Urban League, state financing regulators. Workshops and consultations were held in English and Spanish. There was no REALTOR representation. My hunch is that will change by the time Pima County hosts its next event.

Interested in brainstorming about ways to help homeowners? Join my RealTown group, Help Americans KEEP Their Homes. Joining RealTown is FREE, joining the group is FREE, finding ways to help people keep their homes is PRICELESS.

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