Oct 17, 2008 11:58 pm US/Eastern
Hempstead Village Offering Mortgage Counseling
If You're In Trouble Or Need Advice, Please Call 516-292-1300
HEMPSTEAD, N.Y. (CBS) ―
The mortgage meltdown is being confronted on Long Island with free one-on-one counseling sessions in the Village of Hempstead on Saturday and Sunday. They are taking place at the Hagedorn Family Resource Center on Greenwich Street in Hempstead. For more information call 516-292-1300.
Because many people cannot make it to the sessions CBS 2 HD spoke to the experts about what can be done to keep families in their homes.
Ron Moss, with the Nassau County Home Ownership Center, is urging homeowners impacted by the mortgage meltdown to call their lenders and try to work out deals for lower interest rates and payments.
"Most people like to talk on the phone and explain. Don't do that. Put it down in writing," Moss said.
Moss also advised, "Know your legislators and know people in the area you can contact that can then find the resources to help you out. Don't procrastinate."
CBS 2 HD focused on the Benjamin family of Hempstead. They decked out their Weir Street home for Halloween but what is really scary is the monster the mortgage has become.
Florence and Anthony Benjamin bought the house six years ago and the mortgage was $2,000. It has since skyrocketed to $3,400 a month.
"It just got out of control," Florence said.
Now the family cuts back and saves.
"We're cooking on the grill a lot and carpooling," Anthony said.
At the free counseling session with Moss the Benjamins learned they are what financial experts call "under water." It means they are one of an estimated 12 million American households that owes more on their mortgage than their house is actually worth. A record 16 percent of all households are in the same boat.
Moss told the Benjamins to contact the lender and explain in writing how one of the kids became very ill, Florence had to leave her job as a bus driver and Anthony's road construction salary is not cutting it.
Moss said he is glad they came to him early and predicted the mortgage company would give them a break until Florence finds a new job.
Anthony left the session full of hope and faith that foreclosure is not in the families' future.
"I'm at ease," he said. "We now know we have a lot of avenues we can go down."
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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