Big Lenders Offer Struggling Homeowners Chance To Modify Mortgages
By Pat Loeb
PHILADELPHIA (CBS) - Two of the nation's biggest lenders brought a team of travelling loan counselors to Center City Thursday to offer struggling homeowners in the area a chance to modify their loans.
Wells Fargo took out a hall at the Pennsylvania Convention Center, while the smaller Citi Mortgage got space in a hotel, but both were ready to do anything to help customers keep their homes, as Citi's Mark Rodgers explains.
"The bank does not want your house. For us to actually go through a foreclosure is a very lengthy and very expensive process for us."
The lenders developed the system four years ago at the height of the foreclosure crisis, but they say continued high unemployment has kept the need high.
"Jobs are not there, savings been eaten up. For us, it's bad."
This Logan resident preferred to remain anonymous but she says the event allowed her to sit down face-to-face with her lender, to figure out her options. And she was hopeful.
"We love our home and don't want to lose it, but I don't believe we will."
