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	Photo by Graham Cullen John Sica, a bankruptcy attorney, talks about foreclosures at the presentation.

That's because people are embarrassed to discuss their personal affairs in public, the presenters said.

The no-show was disappointing to organizers and presenters, which included Frederick Community Action Agency housing counselors Joe Baldi and Brad Peterson; local bankruptcy attorney John Sica; Joanne Hamilton, Carroll County Extension educator; and Frederick County Extension educator Nancy Lewis.

"People who need the information know that they need it but are reluctant to come to a public forum," Hamilton said.

Instead, presenters casually discussed the foreclosure crisis, a need to educate young people and adults on money matters and personal responsibility.

For some people, giving up their homes is a difficult decision, Baldi said.

"Some people say, 'We like our home,' despite being in financial trouble," Baldi said.

"Sometimes, people need to cut their losses and get something more affordable," including moving into an apartment, Sica said.

Signs offering people home ownership with no money down are still being posted in communities, Lewis said.

"It makes me angry to see them. They're still being put out there" despite the foreclosure debacle that is affecting families, Lewis said. "I agree that people do not want to indicate they are desperate."

The foreclosure event, offered once before, attracted five people. Two of the participants who faced foreclosure got positive results with assistance from Baldi and Peterson, Lewis said.

"That was a good thing. This time I was disappointed that a few people signed up but didn't come," Lewis said. "But we're going to keep trying to get some information out there. Every person we're able to help is one less person out of trouble."

There's a huge need for consumer education, especially among the young, Sica said.

"We're raising a whole bunch of kids with no respect for the value of money. Some kids don't know how to make change or balance a check book or know what an IRA is," Sica said.

On a bright note, lenders seem to be more willing to work with borrowers, Sica said.

Lewis is hoping that a similar event planned for December on reverse mortgages will attract people.

A reverse mortgage is a loan that enables seniors to convert part of the equity in their homes into tax-free income without having to sell the home, give up title, or take on a new monthly mortgage payment. Reverse mortgages are available to individuals 62 or older who own their home. Funds obtained from the reverse mortgage are tax-free.

Reverse mortgages continue to be one of the few growth areas in the mortgage industry, according to The National Reverse Mortgage Lenders Association.

The Reverse Mortgage Lenders Association announced recently that the mortgage industry closed 112,154 home equity conversion mortgages in fiscal year 2008, which ended Sept. 30, surpassing the record loan volume for 2007.

"Reverse mortgages are really one of the only positive stories in financial services this year because they provide a safe, proven solution to many Americans' retirement funding needs, especially during the current financial crisis," said Peter Bell, president of National Reverse Mortgage Lenders Association, in a recent press release.

He expects the growth of reverse mortgages to accelerate as seniors look for additional sources of income and because the new provisions of the Home ownership Act of 2008 broaden the market for reverse mortgages while making them more attractive.