Event for hard-pressed homeowners at Nassau Coliseum

Next week, the Nassau Coliseum will host a marathon - three days of face-to-face negotiations between lenders and distressed homeowners.

Borrowers can try to make on-the-spot loan modifications with their mortgage holders, with final approval after paperwork gets to federal agencies or the lenders' home offices, said event sponsors, the Hope Now alliance of mortgage-related groups and the U.S. Treasury Department.

Average turnout at such events is 1,000 borrowers a day, organizers said. At the Coliseum, 16 lenders and loan servicers are expected, along with housing and credit nonprofits.

"We know in about 10 minutes whether this particular person has a chance," said Alvina McHale, spokeswoman for the Treasury office that oversees Making Home Affordable, the homeowner rescue program.

It's free, first-come, first served, 1-7:30 p.m. Wednesday through Friday. Parking is free.

Unlike six months ago, loan workouts are now possible for a wide spectrum of homeowners, from the unemployed to those "underwater" because the value of their home has sunk under its mortgage value.

The key to getting a trial modification is documentation, said Rullah Price, a Wells Fargo assistant vice president who is to attend the event with a team of about 10 specialists.

"Come prepared with at least the best snapshot you have available of your financial circumstance . . . what caused you to fall behind and any supporting documentation that you may feel is pertinent to help explain that financial circumstance," Price said.

In such events nationwide, half the homeowners have brought documents, and 30 percent of them leave with modifications, said Eric Selk, Hope Now's outreach director.

Borrowers who forget papers can come back before the event ends. Anyone who has repeatedly sent papers to lenders, only to hear that they're not in the files, can bring them to be scanned in.

Spanish and sign-language interpreters will be on hand.

Documents to bring

• Recent monthly statements of all mortgages on the home
• Two most recent pay stubs
• Proof of other income
• Latest quarterly profit or loss statement if self employed
• Job termination notice
• Unemployment benefits statements
• Two most recent bank statements
• Account balances, monthly payments for credit cards and all other debts
• Account balances, monthly payments for other debt
• Documentation of monthly expenses, such as utilities, insurance, medical bills
• Request for Modification and Affidavit Form (available on site and at makinghomeaffordable.gov)
• IRS Form 4506T-EZ to give permission for lender/servicer to get copy of tax filing (available on site and at makinghomeaffordable.gov)

 Who will be there:

LENDERS AND LOAN SERVICERS

• American Home Mortgage Servicing
• Aurora Loan Services
• Bank of America
• Carrington (Wednesday/Thursday)
• Chase
• Citi
• GMAC
• Home Loan Services
• HSBC (Wednesday only)
• Litton
• Ocwen Loan Servicing
• OneWest Bank (IndyMac)
• PNC Mortgage
• Saxon Mortgage (Wednesday/Thursday)
• Select Portfolio Servicing
• Wells Fargo/Wachovia

FEDERAL AGENCIES

• Fannie Mae
• Freddie Mac
• Department of Housing and Urban Development
• Department of Labor
• Department of Treasury (Making Home Affordable program)

NONPROFIT ORGANIZATIONS

• American Debt Resources
• Asian Americans for Equality
• Brooklyn Housing & Family Services
• Community Development Corp. of Long Island
• Economic Opportunity Council of Suffolk
• GreenPath
• Grow Brooklyn
• Housing Help
• La Fuerza Unida
• LIFE, Inc. (New York Mortgage Advocates)
• Long Island Housing Partnership
• Long Island Housing Services
• Margert Community Corporation
• Neighborhood Housing Services of New York City
• Parodneck Foundation
• Pratt Area Community Council
• Ridgewood Bushwick Senior Citizens Council
• Rockaway Development & Revitalization Corporation
• Wyandanch Community Development Corp.