Jan. 29 mortgage crisis workshop

California Legislature
ASSEMBLYMAN TED GAINES

FOR IMMEDIATE RELEASE CONTACT: Steve Davey

January 23, 2008 (916) 319-2004



GAINES TO HOST
MORTGAGE CRISIS WORKSHOP

Aims to help sub-prime borrowers avoid foreclosure


SACRAMENTO – With many local families holding sub-prime mortgages in danger of losing their homes, Assemblyman Ted Gaines, R-Roseville, today announced that he will be hosting a “sub-prime mortgage workshop” for residents on Tuesday, January 29 in Roseville . Gaines will be co-hosting the event with Assemblyman Roger Niello, R-Fair Oaks and the Office of Governor Schwarzenegger.



“I have great empathy for those struggling to make ends meet during these very uncertain economic times for our state and our country,” Gaines said. “My sub-prime mortgage workshop will be an excellent opportunity for homeowners to learn about all the mortgage options available to them, so they can avoid running into trouble and facing the nightmare of foreclosure. I encourage local residents concerned about their mortgage to attend our forum and work with their lender if they are having trouble making payments.”



According to the latest national figures, 43% of metropolitan areas with high foreclosure rates are located here in California . Another 500,000 homeowners in California will see their interest rates and mortgage payments significantly increase over the next two years when their adjustable-rate mortgages reflect changing interest rates.



Assemblyman Gaines’ sub-prime mortgage workshop will be held on Tuesday, January 29 from 6:30 to 8 p.m. at the Maidu Community Center in Roseville , located at 1550 Maidu Drive . Homeowners are encouraged to bring their loan documents and other relevant financial information to the workshop with them to discuss their options with
on-site loan counselors.



Assemblyman Ted Gaines represents the 4th Assembly District, which includes all or parts of Placer, El Dorado, Alpine and Sacramento Counties.



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