PITTSBURGH, PA--(Marketwire - Apr 12, 2012) - It's more important than ever for would-be homeowners to understand the proper way to prepare to buy a house, given the large number of borrowers who were lured into sub-prime loans and now may be facing foreclosures. That's the belief of Mona Generett, Dollar Bank's Vice President of Community Development and the designer of the bank's Mortgages For Mothers Workshop scheduled for Saturday, April 21, 2012 at the Sheraton Station Square Hotel.
"The combination of aggressive sub-prime lenders plus borrowers anxious to become homeowners may have led many into a bad loan that they couldn't afford," explained Generett. "For twelve years, Dollar Bank has been holding these free seminars to explain to potential home buyers the complexities of the mortgage process. We also help them design a personal plan to buy a house within their means and to obtain a mortgage that they can afford."
Generett continued, "We have helped hundreds of would-be borrowers understand and resolve their credit problems so they can confidently buy a home."
Now in its thirteenth year, the Mortgages For Mothers seminar attracts more than 300 female heads of households looking to buy a home. Attendees will learn about the various mortgage loan programs available to them and come to understand the importance and power of credit. They will even get a chance to discuss their individual credit reports with a credit professional.
A highlight of the workshop will be inspirational presentations by new homeowners, who overcame their own problems with the help of Dollar Bank's credit counselors and obtained a mortgage. KDKA TV's Lynne Hayes-Freeland, a single mom herself, will moderate the session.
Mortgages For Mothers is only one part of Dollar Bank's effort to provide help to those would-be borrowers who have special needs. Judith Mason, Community Development Officer with responsibility for the bank's First Time Homeowners Program works closely with participants of Dollar Bank's Credit Enhancement Program. "The training and credit counseling we provide create a safety net resulting in low mortgage default rates and homeowners who are prepared for homeownership," describes Mason.
Workshop attendees will be encouraged to continue working with Dollar Bank Credit Enhancement Counselors. Assistance includes educational classes, private credit restoration counseling sessions, special savings programs and other informational and motivational group sessions.
The Mortgages For Mothers home buying workshop will begin at 9:00 AM on Saturday, April 21, 2012 at the Sheraton Station Square on Pittsburgh's Southside. Reservations can be made by calling 1-800-345-3655 or online at MortgagesForMothers.com.
About Dollar Bank
With assets of over $6.2 billion, Dollar Bank is the largest independent mutual bank in the United States, employing close to 1,200 people in northeast Ohio and southwestern Pennsylvania*. For more information, visit www.dollarbank.com.
* Source: fdic.gov, mutual institutions as of 9/30/11
Contact Information:
CONTACT:
Mona N. Generett
412-261-8261