Fed to hold foreclosure event in Woodbridge

Last week, a murder-suicide case involving a Dumfries couple in mortgage trouble underscored the seriousness of the housing crisis.

This week, the Federal Reserve Bank of Richmond will hold an event in Woodbridge to prevent more loan defaults.

The bank is partnering with Hope Now — an alliance of mortgage servicers, investors, counselors, and others in the industry — and NeighborWorks America, a nonprofit created by Congress to support community revitalization, on a program at the C.D. Hylton Memorial Chapel on Thursday.

Homeowners facing foreclosure can meet with their lenders to discuss ways to work out mortgage difficulties.

Borrowers 60 or more days behind on payments were sent letters informing them of the event, said Courtney Mailey, regional community development manager at the Fed.

“It’s really important that they open this letter,” Mailey said, noting that sometimes those in default are afraid to open anything that looks like it has to do with a mortgage.

The event will last from 2 to 8 p.m., and borrowers can come to the chapel at 14640 Potomac Mills Road anytime during that period.

“I almost think of it like a blood drive,” Mailey said.

The Fed expects between 500 and 1,000 homeowners to attend. Lenders scheduled to be represented are AHMSI, Aurora Loan Services, Bank of America, Carrington, Chase, Citi, GMAC, Home Loan Services, HomeEq, HSBC, National City, Ocwen, OneWest (IndyMac), Saxon Mortgage, SPS, SunTrust, Wells Fargo/Wachovia and Willshire.

Borrowers with loans from other lenders, however, can also come to the event and speak to housing counselors for advice.

Participants should bring relevant financial and mortgage documents with them.

The event here will be the second in the bank’s district, which encompasses Virginia, Maryland, Washington, the Carolinas and most of West Virginia. Another was held in April in Charlotte, N.C.

Prince William-area residents who can’t make it to Thursday’s session are also welcome to attend a similar one Saturday in Springdale, Md.

It runs from 9 a.m. to 2 p.m. at Charles Herbert Flowers High School, 10001 Ardwick Ardmore Road.

Foreign-language translators will be on hand to assist at both events.

Thursday’s program comes a week after 52-year-old Wallis Fay and his wife, Julie, 57, were found dead in the Dumfries home where they had lived for more than 13 years.

Financial problems led to the couple missing mortgage payments, and they said that their lender had sold their property without properly notifying them.

More than 5 percent of homeowners in Prince William County were 90 or more days behind on their payments as of May, according to Fed estimates, and nearly 4 percent of loans were in foreclosure.

The county saw more than 1,000 foreclosures last month, according to RealtyTrac, a group that compiles information on the housing market nationwide.

Staff writer Jonathan Hunley can be reached at 703-369-5738.