BROOKLYN, New York – U.S. Rep. Edolphus “Ed” Towns (NY-10), Chairman of the Committee on Oversight and Government Reform, will hold an interactive community meeting for Bedford Stuyvesant and Fort Greene residents to help homeowners struggling with the threat and pressure of foreclosure.  District Attorney Charles J. Hynes, representatives from the Pratt Area Community Council and Bridge Street Development Corp have teamed up with Rep. Towns to share important information with residents about surviving the foreclosure process and mortgage rescue scams. More than three-hundred residents are expected to attend.

Last year, there were 5,067 foreclosure filings in Brooklyn alone, with 110 in Fort Greene and 740 in Bedford-Stuyvesant.  In the first quarter of 2009, Fort Greene skyrocketed to 70 foreclosure filings– 64% of last year’s– and Bedford-Stuyvesant ranked third amongst Brooklyn’s highest foreclosure filings.

At the meeting, mortgage market specialists and HUD-approved counselors for foreclosure prevention will teach residents how to identify the company holding their mortgage; navigate the legal process to achieve loan modification; and renegotiate affordable loan terms.  Experts will guide residents through a hands-on exercise, outlining the steps involved in a loan “workout plan” – the tool enabling homeowners an opportunity to get back on course with their mortgage. Walking through this exercise will also provide strategies to help residents confront the challenges that many face during the foreclosure process.

With foreclosures sweeping across Brooklyn, many residents are scrambling for alternatives.  Several have fallen prey to deed fraud and mortgage rescue scams. Mortgage fraud experts from the District Attorney’s Office will also be on hand to answer questions and equip residents with resources to help them identify scammers and overcome hardship associated with mortgage rescue scams.

WHO:              U.S. Rep. Edolphus “Ed” Towns (D-10)
                       District Attorney Charles J. Hynes
                       Pratt Area Community Council
                       Bridge Street Development Corp

DATE:              Saturday, June 20, 2009

TIME:               12:00 p.m.

PLACE:            Higgins Hall at Pratt Institute
                        61 St. James Place
                        Brooklyn, New York 11217

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