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'PRESERVING HOMEOWNERSHIP' INFORMATIONAL PROGRAM OFFERED TO HELP FINANCIALLY DISTRESSED PENNSYLVANIA HOMEOWNERS AVOID FORECLOSURE

 'PRESERVING HOMEOWNERSHIP' INFORMATIONAL PROGRAM OFFERED TO HELP
 FINANCIALLY DISTRESSED PENNSYLVANIA HOMEOWNERS AVOID FORECLOSURE
 MILWAUKEE, July 21 /PRNewswire/ -- In the shadow of a national economic recovery that is struggling to gain momentum, economic problems in Northeast continue to affect Pennsylvania homeowners, many of whom as a result are behind on their mortgage payments and face foreclosure. In the first quarter of 1992, .83 percent of Pennsylvania conventional mortgages were in foreclosure, a 32 percent increase in the percent of foreclosed conventional mortgages in the state compared to the same time period last year.(a)
 Many of these economically distressed Pennsylvania homeowners are unaware that possible solutions are available to help them workout their mortgage loan problems. Because what these homeowners don't know CAN hurt them, Mortgage Guaranty Insurance Corporation (NYSE: MTG)(MGIC), is launching a "Preserving Homeownership" informational campaign in Pennsylvania -- and in other areas across the nation where foreclosures are of growing concern -- to help families avoid the tragedy of foreclosure.
 The goal of MGIC's Preserving Homeownership program is to raise Pennsylvania homeowners' awareness of their mortgage loan workout options. A mortgage loan workout is an agreement between lending institutions and borrowers that helps prevent foreclosure and often enables homeowners to become current on their mortgage payments.
 MGIC has published a "how to" guide that provides homeowners with tips for working with mortgage lenders to assess the feasibility of a loan workout and offers suggestions for getting a potential workout underway. A financial analysis form accompanies the guide to help homeowners organize and detail their financial condition.
 Pennsylvania homeowners can call MGIC's Preserving Homeownership Hotline at 1-800-333-MGIC, Monday through Friday, 9 a.m. to 10 p.m., Eastern Standard Time, to request confidential copies of the brochure and financial analysis form.
 "Many Pennsylvania homeowners who are enduring economic hardship may be unaware that there are alternatives to foreclosure. For homeowners who qualify, a loan workout represents an effective alternative for helping economically distressed families remain in their homes," Jim Engelhardt, vice president-regional director for MGIC's Mid-Atlantic Region, said.
 There are a variety of workout strategies that mortgage lenders and private mortgage insurers use to help homeowners avoid foreclosure, such as modifying the terms of a borrower's mortgage or establishing repayment plans that allow the borrower to repay the delinquent mortgage payments over time.
 "It's important, though, for homeowners to keep in mind that workouts are not always possible," Engelhardt said. "Sometimes, a family's financial situation is such that it is unlikely to improve to the point where they will be able to keep their home. But, it is certainly worth the effort for troubled homeowners to investigate all their options."
 And, even when a borrower's financial circumstances preclude continued homeownership, there are other possible workout strategies -- such as selling the home or deeding the home to the lender in lieu of foreclosure -- that can often enable families to avoid foreclosure.
 "The key is for homeowners to be proactive, to contact their mortgage lender as soon as they know they are having trouble making the mortgage payments. Our brochure and financial analysis form provide information that helps homeowners initiate the workout process and gather the necessary financial information that the lender will need to review in order to assess the feasibility of a workout," Engelhardt added.
 MGIC's workout expertise was first developed in the mid-1980s when mortgage defaults and foreclosures skyrocketed in the economically distressed "oil patch" states. Since that time, MGIC has remained committed to developing partnerships with lenders, servicers, and investors such as Fannie Mae and Freddie Mac to help borrowers avoid foreclosure, reduce foreclosure-related losses for mortgage lenders, as well as mitigate claims losses for MGIC.
 In addition to the Preserving Homeownership informational campaign for homeowners, MGIC is offering training programs for Pennsylvania mortgage lenders who are experiencing increased delinquencies and need assistance developing workout expertise.
 MGIC is one of the nation's leading private mortgage insurance companies. Based in Milwaukee, MGIC is dedicated to working with the home finance industry to promote homeownership through the use of conventional low down payment financing.
 (a) Source: Mortgage Bankers Association of America, National Delinquency Survey
 -0- 7/21/92
 /CONTACT: Patricia Neale of MGIC, 800-558-9900, ext. 2681/
 (MTG) CO: Mortgage Guaranty Insurance Corporation ST: Wisconsin; Pennsylvania IN: FIN SU:


AL -- MN003 -- 1096 07/21/92 08:28 EDT
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Date:Jul 21, 1992
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