2003-03-22 / Community

Workshop Will Address Predatory Lending

Workshop Will Address Predatory Lending

How many of our friends and neighbors have been victimized by the fraudulent business practices of pre­datory lenders? Do you know a family member that has joyfully closed on a new home, only to discover later that appraisers, realtors and lenders, acting in collusion, have victimized them?

They awake to the reality that their new dream house just is not worth the paper they are carrying on it! Or, how about a senior citizen homeowner that has ended up paying two or three times the repair value for a supposedly straightforward home improvement loan?

Wouldn’t you like to learn how to avoid these lending traps, or what to do about it if you are victimized? As the nonprofit housing agency of St. Mary’s and St. Gertrude’s, Margert Com­munity Corporation is pleased to announce its participation in the up­coming St. Mary Star of the Sea Parish Ministry Fair. St. Mary’s is hosting a weekend ministry fair to inform parishioners and the community about its programs and services.

Faithful to their mission and the needs of the Rockaway community, Margert has scheduled a Fair Housing Training Workshop, to be held at St. Mary’s School Audi­torium on Satur­day, March 29, be­ginning at 6:15 p.m. sharp.

The agenda for the training will provide answers to the following questions: What is predatory lending? Why does it exist, and what are the market factors that permit it to proliferate? How big is the problem? Who is most often targeted for pre­datory loans? What are the most common fraudulent practices? What are the warning signs of a predatory loan? Where can homeowners go for help? And most importantly….how are communities re­sponding to the problem?

As per Margert Community Cor­poration’s 2003 agenda for affordable housing, their goals are to preserve the existing stock of safe, de­cent, and affordable housing; promote successful and responsible ten­ancy; provide equal access to homeownership opportunities; im­prove residential health, safety and energy affordability; narrow the "digital divide," and promote professionalism in the delivery of housing services to the communities we serve.

Margert Community Corporation will continue their efforts to break down existing barriers to equal op­portunity, combat predatory sales and lending practices, and reduce the number of mortgage foreclosures in our community.

If you think you may be a victim of predatory lending or sales, please make every attempt to attend this workshop or please call their office to schedule an appointment with a certified housing counselor. As a member of the NYC Mortgage Fore­closure Taskforce, Margert may be able to provide valuable information, intervention and mitigation services to help prevent the loss of your home.

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