Search
Polls
Latest Forum Posts
| Taking a Knee unclebuck 15-11-08 13:51 |
| Re:Football unclebuck 07-10-08 15:24 |
| Re:Football unclebuck 02-10-08 12:59 |
Login Form
| Some still fighting foreclosure’s grip |
|
|
| Written by John Saiz / Patterson Irrigator | |
| Wednesday, 21 May 2008 | |
|
At a glance
With foreclosures soaring, some in the mortgage industry are trying to provide a little relief.  This Toggenburg Way home in Patterson's Walker Ranch was back on the selling market in Novemeber after recent foreclosure. About 1,200 local homes are still in foreclosure. Irrigator file photo. A few volunteers with the No Homeowner Left Behind program were in Patterson on May 14 trying to help those who feared losing their homes. Close to 20 people showed up to the workshop, where they got some tips for working with their lenders. “We don’t want your business,” volunteer Edward Parcaut promised. “We just want to help.” The people in the audience had a variety of concerns. One man already had been foreclosed on and wanted to know when he would be eligible for a new loan. (Probably two years.) Another man wanted the city to provide property-tax relief. (The city’s hands are tied, the speaker said.) In an audience with several children, one young girl just wanted to go home. The girl’s mother, Gina Snyder, just wanted to keep their home. “We’re barely affording the minimum,” said Snyder, who moved from Lathrop to Patterson about two years ago when home prices were soaring. The people leading the workshop each had decades of experience in the mortgage industry and said they had never seen a foreclosure wave like right now. “This is worse than the Great Depression,” Parcaut said. Volunteers said there are 9,000 homes in foreclosure in the county, 1,200 in Patterson. To help the people at the workshop avoid becoming part of those statistics, volunteers recommended dialogue with their lenders. “It’s just going to cost you time,” Anna Rocha, one of the volunteers, said. Volunteers told the audience that a full half of people do not talk with their lenders before foreclosure. They recommend homeowners regularly call their lenders and be both patient and persistent. “How hard did you work to get into that home?” Parcaut asked, before recommending that people work at least equally hard to keep their homes. Snyder said she’s been in communication with her lender numerous times and it’s resulted in nothing, but after hearing the volunteers’ advice, she decided to keep trying. In today’s market, homeowners facing foreclosure have gained some leverage, volunteers said. Lenders often lose more money by foreclosing than by renegotiating the original mortgage. “They want to keep you in there, believe it or not,” Rocha said. People who want to talk to a representative from No Home Owner Left Behind can call 2-1-1. Volunteers will also have a “loan workout” June 28 where people will have the opportunity to talk to lenders and possibly restructure loans on the spot. Organizers say folks should take all relevant paperwork and arrive early. The March 29 workout in Modesto saw huge lines and long waits, but it also helped people save their homes. “Show up early and hope,” Parcaut said.
Set as favorite
Bookmark
Email This
Hits: 232 Comments
(0)
|
Subscribe to this comment's feed