Friday, Mar. 21, 2008

Nation's 10 biggest lenders will be at Modesto event March 29

Representatives from 10 of the nation's largest home mortgage lenders will meet face to face with homeowners March 29 in Modesto at a massive foreclosure prevention workshop.

Banks and lenders are sending their "loss mitigation specialists" to Modesto to negotiate with borrowers who are having trouble paying their mortgages and are at risk of foreclosure.

The lenders will consider making assorted loan modifications -- temporary and permanent -- to make their monthly mortgage costs affordable for borrowers. Interest rates may be lowered, repayment schedules may be arranged and alternatives to foreclosure may be offered.

"We're going to finally be able to get some help on these loans," Modesto Mayor Jim Ridenour said. "Instead of letting homeowners dangle out there, maybe they can keep their homes."

The free event -- sponsored by The Modesto Bee, the state of California and the city of Modesto -- is expected to be among the largest ever.

All financially troubled homeowners throughout the Northern San Joaquin Valley are invited to attend the March 29 event, 9 a.m. to 3 p.m., at Modesto Centre Plaza, 1000 K St.

Reservations are not needed.

Spanish-language translators will be available.

During the past 12 months, approximately 11,737 homes have been lost to foreclosure in Stanislaus, San Joaquin and Merced counties. Thousands of additional homes are in the process of being foreclosed on.

Ridenour encouraged homeowners to fight to keep their homes by talking to their lenders at the event.

"We're trying to keep these families from just walking away," he said.

Here are the lenders and loan servicing companies that have agreed to attend March 29:

Bank of America

Carrington Mortgage Serv-ices

Countrywide

Indymac

Litton Loan Servicing

Option One

Wachovia

Washington Mutual

Wells Fargo

Wilshire Credit Corp.

For homeowners whose lenders are not present, free one-on-one counseling will be provided by housing specialists, including those certified by the U.S. Department of Housing and Urban Development. They will review each homeowner's finances and loan documents to suggest strategies for avoiding foreclosure.

Counselors will include those from Project Sentinel, ByDesign Financial Solutions, Visionary Home Builders of California, No Homeowner Left Behind-Stanislaus, El Concilio Community Center and the Mortgage Brokers Association.

Also attending and providing consumer information will be representatives from Fannie Mae, Freddie Mac and HUD, and from California's Department of Real Estate; Department of Financial Institutions; State and Consumer Services Agency; and Business, Transportation and Housing Agency.

While the event will last from 9 a.m. to 3 p.m., organizers predict lines will be longest at the start and near the end. For that reason, homeowners are encouraged to consider arriving midway through the event.

People who attend should expect to spend several hours meeting with lenders, counselors and waiting their turn. Seating will be provided inside for about 300 people at a time.

Homeowners will be asked to complete assorted forms, which will vary depending on the lender.

To help homeowners fill out the paperwork and negotiate the best deals with lenders, here's what they should bring:

Proof of identification

Financial hardship letter: Write an explanation of your financial hardship or reason for being delinquent on your mortgage. Include what you plan to do to resolve your hardship.

Loan documents: Original mortgage contracts and all recent letters from your lender