There may be too much reality in life these days, but another dose is what many troubled homeowners will get in a free, foreclosure prevention seminar Thursday.
The 1 p.m. class, run by the Suffolk County Bar Association, is aimed at homeowners in the early stages of delinquency.
Barry Smolowitz, who runs the bar’s pro bono foreclosure prevention project, said the class will dispel myths and give borrowers an advantage in talks with lenders.
For example, the federal homeowners rescue program encourages lenders to reduce borrowers’ principal debt on the mortgage.
But in reality, Long Island homeowners’ advocates said, few lenders have been offering this type of break, which helps reduce monthly payments in the short term and interest payments over the life of the loan.
“These are the types of things we want to impart to people,” Smolowitz said. “While they’re speaking to the banks, they know what’s real and what’s not so they can have bargaining leverage.”
The class, expected to last about 90 minutes, will be held at the bar’s headquarters at 560 Wheeler Rd. in Hauppauge. It will also be webcast.
To register for either one, call 631-234-5511, ext. 223 or 227.