Daily News

DURHAM - Tony and Mary Garrett consider themselves among the lucky ones.

The couple were about to lose their home to a subprime lender that had bumped their interest rate up to just under 17 percent — an increase that would have put their monthly mortgage payments at nearly $1,000.

Then last summer, a church elder urged them to take their case to Durham Regional Community Development Group, a nonprofit organization that offers housing and credit counseling to help people avoid bankruptcy and foreclosure.

On Thursday, the Garretts were the stars of a public education campaign sponsored by Durham's Neighborhood Improvement Services and Community Development departments and the Neighborhood Pride Alliance, a community task force.

Through a refinancing orchestrated by the Durham Regional Community Development Group, the Garretts no longer face foreclosure. They're now looking at a 30-year mortgage at a 5.5 percent interest rate for their $83,000 house. Monthly payments are $708 — lower than their first mortgage.

The Garretts and others at the panel discussion hoped to let others facing foreclosure know there might be options to help them keep their roof over their head.

"The earlier you act, the more choices you have," said Martha McNair, a real estate broker, member of the Neighborhood Pride Alliance and co-chairwoman of the Saving Your Dream Planning Committee.

In Durham, according to RealtyTrac, a data collector in Irvine, Calif., more than 1,000 homes entered some stage of foreclosure during the first 10 months of 2007. (more…)

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