San Jose Loan Modification Workshop Draws Hundreds

SAN JOSE (KCBS)- A homeowner foreclosure prevention event was held at the San Jose Convention Center Thursday.

Roger was one of the hundreds who lined up early. He’d come all the way from Walnut Creek to see if he could modify his loan.

KCBS’ Mike Colgan Reports:

”I’m behind on my mortgage, and I want to see if they can lower my interest to a fixed rate,” he said. “I want a fixed rate because my interest rate is too high. I have a payment that’s just going to go too high, and sooner or later I’m going to lose my home.”

There were many different resources for those who visited the event.

”We have all the major lenders, which include Citi, Chase, Wells, and Bank of America. We have 17 different lenders here,” said Eric Selk, deputy director of the Hope Now Alliance, which includes counselors and mortgage lenders. “We also have about 12 non-profit counseling agencies who can provide support such as credit counseling.”

Selk said that about one third of those attending the event saw an instant decision on loan modification.

The event is scheduled to last through 7:30 p.m.

(© 2011 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

More from Mike Colgan
  • Pedro

    I hope that homeowners are able to obtain a positive solution to their mortgage issues.
    Those that do qualify need to make sure they carefully read and understand what the bank is proposing. Many homeowners may think the bank will reduce the loan amount to the value of the home and 99% of the time that is not the case. Typically banks will take what the homeowner owes and add that on top of the existing mortgage and spread it out over 40 years. Typically at 2% for the first 5 years, then 3% the following year, then 4% and up to 5% or 6% from years 8-40.

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