Frustrated homeowners filled the Atwater Community Center Friday for a foreclosure prevention workshop. Along with this panel discussion, they also had the chance to meet with some big name lenders, including Bank of America.
"It's been difficult to bring them in because it is a small community, and we've tried to express the need for help, and in a desperate plea we basically sent out an email and said Merced County needs your help," said event organizer Vicky Solis with the Merced County Office of Education.
Many of these residents came to the event in hopes of securing a loan modification to avoid foreclosure.
"I'm just really scared about it, and I want to get some information," said homeowner Magdalena Lopez.
Jamie Purganan says he started the modification process more than a year ago and then stopped making payments on his house so his bank would be motivated to give him the help he needs. "I'm just living on borrowed time, and if it doesn't go through I'll have it foreclosed on."
A Bank of America representative who attended the workshop says it is not necessary for people to stop making payments to get their loan modified. And she says the company has modified 500,000 loans since 2008.
But Amy Delatorre says she's been going through the process for 14 months with no success, and now she's afraid she can't hold on much longer. "I have to count pennies to make my house payment, I'm almost 67. I'm too old to be moving."
The banks could not say whether any loans would be modified during this workshop or if they would only be taking and providing information. But Delatorre hopes she may finally have an answer next week. "I was told here that she will definitely look into it and that Monday she'll give me a call and give me and answer."
