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Foreclosure Workshop Draws Hundreds

Struggling Homeowners Hope To Lower Interest Rates, Modify Loans

POSTED: 3:33 pm EDT July 30, 2010
UPDATED: 12:37 pm EDT August 2, 2010

Hundreds of homeowners on the verge of foreclosure gathered in downtown Atlanta on Friday, in hopes of saving their homes.

CBS Atlanta News arrived at the foreclosure prevention workshop to find the line snaked through the lobby of the Marriott Marquis and out the door.

Each person in line planned to meet with one of the more than 20 lenders waiting inside, in hopes of lowering their interest rates or modifying their loans.

"I recently became unemployed," said William Shomo. "I was laid off, so we're a little bit behind on the mortgage."

Twenty of the biggest lenders were present at Friday's workshop, including Bank of America, Wells Fargo, Chase and Citi.

Eric Selk, with nonprofit "Hope Now," said this event is different because banks are prepared to make changes to loans on site.

"Of the 20 cities we have been to, over one-third, in some cases, 45 percent in a market are receiving same-day decisions," Selk said.

The prevention foreclosure workshop will continue Saturday at the Marriott Marquis.

Doors open at 8:30 a.m. and the event ends at 3 p.m.

Participants should bring with them any pertinent documents, such as mortgage, bank and credit statements.

Georgia ranks seventh in the country for home foreclosures.

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