Are Butte County homeowners distressed about the mortgage crisis? If our February 11 Loan Modification Workshop was any indication, the level of frustration has reached the boiling point. We received 30 phone calls about the workshop and had 16 homeowners attend. What was intended to be straightforward presentation on the mechanics of applying for a modification, quickly evolved into an opportunity for bitter borrowers to vent their anger over the treatment that they have received from the major lending institutions.
Some cried, some groaned, some shouted, we listened. Once feelings were aired we got down to the business of explaining the problem, defining eligibility, detailing the options, providing contact information and filling out forms. By the end of the nearly two hour session attendees had developed a sense of direction. Regrettably, some participants determined that they were likely ineligible for a modification, others were buoyed by new possibilities and alternatives, a few concluded that perhaps it was time throw-in-the-towel, more left with a new resolve to hang on to their homes.
What we learned from this workshop was to allow homeowners time to share their stories, we all gleaned a new understanding of the depth of the challenge with each personal account and were able to target topics requiring more information. We will include this information in our next workshop, the way things are going we expect a full-house.
Some cried, some groaned, some shouted, we listened. Once feelings were aired we got down to the business of explaining the problem, defining eligibility, detailing the options, providing contact information and filling out forms. By the end of the nearly two hour session attendees had developed a sense of direction. Regrettably, some participants determined that they were likely ineligible for a modification, others were buoyed by new possibilities and alternatives, a few concluded that perhaps it was time throw-in-the-towel, more left with a new resolve to hang on to their homes.
What we learned from this workshop was to allow homeowners time to share their stories, we all gleaned a new understanding of the depth of the challenge with each personal account and were able to target topics requiring more information. We will include this information in our next workshop, the way things are going we expect a full-house.
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