Lines long at loan modification marathon at Coliseum
Sam Handle, 61, of Ridge, was first on line at the Credit: Kevin P. CoughlinNassau Coliseum, arriving at 6 a.m. for a loan modification clinic. He was among 750 who came for the first of three days of the clinic. (April 28, 2010)
It was like a scene out of a supersized motor vehicle office at the Nassau Coliseum Wednesday, when about 300 people queued at the opening -- all for mortgage modifications.
"I told them to have an approval stamp," joked the first in line, Sam Handle of Ridge, there at 6 a.m. for a 1 p.m. start.
Only 25¢ for 5 months
It was like a scene out of a supersized motor vehicle office at the Nassau Coliseum Wednesday, when about 300 people queued at the opening -- all for mortgage modifications.
"I told them to have an approval stamp," joked the first in line, Sam Handle of Ridge, there at 6 a.m. for a 1 p.m. start.
More than 750 people showed up for the launch of a three-day modification marathon with 17 lenders and loan servicers, a chance for borrowers to negotiate one-on-one for trial modifications and to drop off paperwork.
The event, from 1 to 7:30 p.m., was organized by Hope Now, an alliance of industry and nonprofit groups, and the U.S. Treasury Department, which oversees the federal homeowners rescue programs.
Many came with their detailed ideas of modifications.
Pranay Patel and his wife, Sarog, of Lindenhurst, lost leases on two party and card stores, their livelihood of 15 years, and wanted to lower their $3,600 monthly home mortgage for 10 years, then pay lump sums to catch up. "That way," he said, "we don't lose and they don't lose."
But there was anxiety for several hours as the Internet connection in the Coliseum basement kept crashing, stopping modification experts from linking to files back at their offices.
Aurora Loan Services manager Bob Mansur led homeowners into the hallway for an update, saying there were four people on his team and each case was taking at least 30 minutes because of the computer problems. "By being here, you've advanced things," Mansur told them. "You made it evident you want to save your home."
Organizers said the broadband links were tested beforehand, but not with so many computers hooked up at once. A tech firm was called to set up the first floor, where wireless reception would be better.
The glitch slowed the pace more at Ocwen, a loan servicer, where manager Jamie Holland said the problem is getting people in. About 3,000 Ocwen clients in the area were contacted, she said, but she expects about 200 to show.
"If we can get a borrower to come in," she said, "more than likely, we can find a solution to their issues."
Handle, the first in line, liked the personal contact: "They understand you're not a number, you're a human being."