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Lending homeowners a helping hand |
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Written by John Saiz / Patterson Irrigator
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Wednesday, 30 July 2008 |
Volunteers with No Homeowner Left Behind were in Patterson on Saturday, trying to ease the wave of foreclosures that has washed over Stanislaus County.
They organized Patterson’s home preservation workshop, where borrowers got a chance to speak with their lenders and armed themselves with information to help keep their homes.
“I’m mentally drained before, during and after (one of these events),” said Pete Kovacs, one of the event organizers. “They are just so emotional.”
Drive through any of Patterson’s housing developments built in the past decade, and it’s hard to miss the signs of foreclosure. Auction notices, overgrown yards and abandoned animals tell the tale that Patterson’s suburban dream has mixed with the reality that many can’t keep their piece of the pie.
To prevent more people from losing their homes, a patchwork of government and private organizations have formed No Homeowner Left Behind.
Nearly 130 families got help with their mortgages at Saturday’s workshop — most attendees spoke directly with their lenders.
“These people are bending over backwards,” said a man from Modesto, who wished to remain anonymous.
He and his wife got a chance to speak with a representative from their lender, Washington Mutual. They arranged for a private meeting this week so a new and more manageable loan could be drawn up.
“It’s like a weight’s been lifted off our shoulders,” his wife said.
Consistent communication with the lender is crucial when trying to restructure a mortgage, organizers said. They told stories about troubled borrowers not even calling lenders until foreclosure proceedings begin.
Saturday, most of the attendees got a chance to speak face-to-face with a representative from their lenders, as Chase, Countrywide, Litton, WaMu and IndyMac were on hand.
Some agreements were re-worked on the spot, Kovacs said.
Organizers host at least one workshop a month in the ongoing series. The next one will be Aug. 23, likely in Modesto.
Since events like this started, Kovacs said he’s seen people come in with a variety of loans, some with clauses that people didn’t understand.
He told a story of a widow who showed up late in the day Saturday. After her husband died, her income took a significant hit, and the loan payments he had handled were about to increase.
“You could feel the sympathy in the room for that woman,” Kovacs said.
Others, like Patterson resident Michelle Sosa, were trying to get loans re-worked because home values have plummeted.
“I’m hoping to make my mortgage more in line with the value of the home,” Sosa said, though she was ultimately unable to work out a deal.
Kovacs said people in Sosa’s situation won’t likely be able to renegotiate, as decreasing property value is just part of the risk in home ownership. But for those who have or will experience a massive mortgage adjustment, the people with No Homeowner Left Behind are trying to provide relief.
“No one got turned away,” Kovacs said.
For information: www.nohomeownerleftbehind.org.
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too bad so sad sounds like you are duh 