Distressed Georgia homeowners line up for help

By Rhonda Cook and John Spink

The Atlanta Journal-Constitution

Most of the more than 1,000 distressed homeowners lined up outside the Georgia World Congress Center Friday were hopeful they would get some relief from high mortgage payments, but some were there because their cases from last year remain pending.

Brenda Kendrick asked the Neighborhood Assistance Corp. of America for help when the group held sessions in Atlanta last August. But since then "each time I call they keep telling me they can't contact my loan officers" or the information the lender has sent doesn't answer NACA's questions, she said.

The phone calls weren't working so Kendrick said she felt forced to take the day to find someone to talk to in person about modifying her mortgage.

The line started forming hours before daybreak. As the 9 o'clock hour neared, the time when the doors would open for the five-day marathon counseling sessions, a woman with a bull horn tried to excite the crowd.

"Good morning," she said, getting only a smattering response. The crowd was louder, more responsive only when she persisted.

The woman assured the crowd that everyone would be seen by someone with the Save the Dream Tour and the doors wouldn't close for five days.

"This is one of the best ways to get at a lot of people at one time," said Save the Dream Tour spokesman Darren Duarte.

He said almost 15,300 had registered for the five-day event. Counselors will be available continuously until the Atlanta event ends.

Tisha Boyd, an Atlanta schoolteacher, has seen her family's income drop because of furloughs in the just-ended school year, a salary freeze and  eight more furlough days after the next school terms starts.

"The income is not budging and life is continuing. Expenses going up," said Boyd who had brought a pink umbrella for shade and  fruit and vegetables to get her through her wait. She also brought water, considering that the only other available at the World Congress Center sold inside for $3 a bottle.

"My hope is that they will take into consideration what's happening to the economy and the teachers." Boyd said.

Elsewhere in the line, Maria Garcia waited. She drove with a friend 4 1/2 hours from Charlotte, hoping for some relief. Her husband is unemployed so the $1,200-a-month payment is difficult to make.

"I hope to pay at least $800 or $750," she said.

When the Boston-based nonprofit was here in August, thousands of people showed up on the last day and many were not able to be seen before the event ended.

“There are so many people still in financial distress here and we knew after that last day we had to come back,” he said. “So hopefully this time we can help those we didn’t get to and a lot more.”

Duarte said bank representatives likely will not be available around the clock, but the financial counselors – the first step in the modification process – will be.

Charlene Sims of Hampton or her husband, Vincent, have been without jobs but are both working now. Still, the job losses have put financial pressures on them.

"This is a little struggle losing jobs here and there," Charlene Sims said.

They got in line around 3:30 a.m.

Beginning at 9 a.m. Friday, NACA is offering counseling and providing opportunities for homeowners to have their mortgages modified. Homeowners will have a chance to meet directly with many of the nation’s major lenders. Along with extended hours, the tour has added investors Fannie Mae and Freddie Mac to its list of those who can help restructure mortgages.

This time around the group is partnering with Atlanta.

During a kickoff event this week, half-dozen homeowners, including Marcia Hargis, gave testimony about how much money they have saved with the program.

In 2007, Hargis purchased her first home -- a ranch condo on Cascade Road -- for $217,000. She had an $1,800-a-month mortgage with a 17.4 percent interest rate.

But within a year, her mother got sick and Hargis, who is a car dealer, started losing business because of the economic downturn.

In 2008, she attended a series of meetings and seminars sponsored by NACA and got her mortgage cut in half to $928 a month with a 4.2 percent interest rate.

“This is important, because in the height of the mortgage boom, many people were taken advantage of,” Hargis said. “I tell people to just go. Check out what you are working with. See how it can be modified. It is ridiculous that people are losing their homes.”

Staff  writers  Ernie Suggs and Michelle Shaw contributed to this article.