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| Mortgage industry tries to fight foreclosures |
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| Written by John Saiz / Patterson Irrigator | |
| Wednesday, 02 July 2008 | |
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“We started to realize other people were trying to help people, too.” — Peter Kovacs, Local mortgage broker MODESTO — Foreclosures continue at unprecedented rates throughout the valley, but some folks are fighting back. Some observers dub it a market correction, while others call it a collapse. Either way, people are losing their homes. In reaction, a group of people in the mortgage industry in Stanislaus County have organized monthly “workouts” to help those facing foreclosure. On Saturday, organizers with the No Home Owner Left Behind program were in Modesto, along with three major lenders and almost 200 people looking for help with their mortgage payments. “This means so much to me,” said Kendra Beasley of Modesto. “I recommend it to anyone.” After her lender notified her about what was happening Saturday, Beasley went to the workshop and arranged for a loan extension, so she could get caught up on late payments. Those who got to speak directly with their lenders received the most direct help. Representatives from Indymac, Washington Mutual and Countrywide were on hand. Attendees whose loans were through a different lender got the chance to speak with a housing counselor approved by the U.S. Department of Housing and Urban Development. The organizers are a patchwork of people in the mortgage industry and government. When an unusually high number of foreclosures first swept through the valley more than a year ago, many in the industry started looking for ways to help. At first, they were fairly isolated in their efforts, but the more they helped, the more they met people trying to do the same. “We started to realize other people were trying to help people, too,” said Peter Kovacs, managing partner for Guild Mortgage, who helped organize Saturday’s event. Eventually, their efforts morphed into events like the Modesto workout. The workshop started at 8 a.m., and people lingered until after 3 p.m. Often, organizers say, people never contact their lender as they move through foreclosure. “Most of the time, we don’t even talk to our customers,” said Marcos Flores, who works for Indymac’s loss mitigation department. His company has attended many similar events since foreclosures started to soar. “We get daily requests to come to events like this,” Flores said. In some cases, Kovacs said, people have suffered hardships that prevented them from paying a mortgage, like a layoff or the death of a spouse. Others were misled by their lenders. And other homeowners simply want to walk away from homes that have plummeted in value, even though they could afford their payments. Whichever category a borrower falls into, organizers said, the most important action at-risk borrowers can take is to consistent talk to their lenders. That’s why they put together Saturday’s workshop and plan to set one up Patterson at the end of the month. In the meantime, people looking for help with a looming foreclosure can call 2-1-1, which will put them in contact with a counselor. “(The workout) is an opportunity to meet face to face,” Flores said. “We’re preventing foreclosures and holding true to our principles.” The next monthly workout will be in Patterson on July 26. The time, location and lenders have not been confirmed, but organizers said they would notify the public shortly after arrangements are made. To reach John Saiz at the Irrigator, call 892-6187 or e-mail him at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
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