Even after helping out at the recent NACA event, the BayAreaResource group volunteered at the ForeclosureHelp event yesterday in San Jose. Many other volunteers donated their time to help various distressed homeowners.
The event offered several HUD counselors (as well as bank employees) who could immediately offer loan mods, informative workshops (especially the legal workshop offered by Elias Portales) and job network opportunities. The legal loan mod/foreclosure workshop highlighted loan mod scams and even some mod that the banks offer. Portales offered examples of various loan mods that he helped a client with. Check this one out – the former WaMu offered one of his clients a five-year interest only mod at 2%, 3%, 4%, 4.5%, 5%. What happens after 5 years? The bank said that they would be able to re-fi. Isn’t this thinking how we ended up in this mess?
Although we expected more people to attend, many people who we talked with mentioned that they found the event worthwhile. Consider the fact that HUD counselors have become so backlogged with applications and loan mod requests that this event offered a chance for immediate gratification.
We hope to help at other events in the near future.