Study Finds That African Americans & Latinos Pay More in Closing Costs + Free Mortgage-Information Workshop; 8/9

This just in from Seattle’s Office for Civil Rights:

Facing Foreclosure or Purchasing a Home?
Avoid Predatory Lenders and Mortgage Discrimination

Has your adjustable rate mortgage “adjusted” to a sky-high interest rate? Have your employment or health situation changed? Are you in the market for a new home? Holding on to your home – or purchasing your first home – can seem insurmountable. Navigating the many loan options can look overwhelming.

In both cases, staying alert against predatory lenders and discrimination in lending is essential. A recent study by the Department of Housing and Urban Development and the Urban Institute found that African American borrowers on average paid $415 more in closing costs in FHA-guaranteed mortgages than whites. The study also revealed Latino borrowers paid $365 more in closing costs.

Read more.

Meanwhile, mortgage and housing experts will offer advice and counsel for homeowners with problem mortgages — and others who want to avoid them — at a free mortgage-information workshop this Sat., Aug. 9, at the Northwest African American Museum in Mount Baker.

From Solid Ground:

You DON’T have to lose your home!!

Are you behind on your mortgage payments? Need help on what to do next? Participate and hear the latest information on foreclosure prevention and options that may be available to you. There will be plenty of time to get your specific questions answered as mortgage default counselors will be on site. Come see if you qualify for mortgage payment relief funds assistance!

Our experienced panel will discuss…

• Loss mitigation
• Partial claims
• Loan repayment plans
• Loan modification
• Forbearance agreements

FREE! Lunch will be served. To register call 206-461-3792, Ext. 3004, or e-mail the Urban League.

Sponsored by the Seattle-King County Asset Building Coalition, Solid Ground, the Urban League of Metropolitan Seattle, the International District Housing Alliance (IDHA), El Centro de la Raza & City of Seattle Office of Civil Rights.