It seems like every few months a big “loan mod” event rolls into the Bay Area (e.g. NACA at the Cow Palace) and yesterday in San Francisco we took part in the HOPE NOW/Making Home Affordable/NeighborWorks event. Some people seeking loan mods or answers to their loan never-ending loan mod process arrived about 10 a.m. even though the event didn’t begin until 1 p.m.
The three-day swing takes place in San Francisco (Wednesday) and Oakland (Thursday and Friday). Most of the familiar institutions took part on Wednesday like Fannie Mae, Chase, B of A, Wells Fargo etc.
We talked with people downright angry and frustrated at their banks to confused people who just wanted simple answers. Some lesser-known groups made a presence such as the Lawyers’ Committee for Civil Rights Under Law. After talking with their sharp Bay Area representative Karlo, we discovered that they will help individuals go after scam artists, frauds, unethical lawyers and the like who have swindled hefty advance fees from homeowners for loan modification assistance. We will definitely be sending some names her way shortly.
As for the crowd, the first people in line represented an early “rush” but we, along with some HUD counselors and non-profit agencies members, expressed disappointment at the sparse turnout. At one point in the afternoon, there must have been more volunteers and bank representatives than loan mod customers. Maybe the marketing came too late, maybe the Union Square location (and the expensive parking) deterred people, or maybe people are just sick of the “process”. Whatever the case may be we hope that the turnout will be less sparse in Oaktown. We’ll let you know with an update.