Beleaguered mortgage holders get welcome relief

 Beleaguered mortgage holders get welcome relief

The workshop was packed with homeowners seeking relief from foreclosures.

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By Matt Markovich

SEATAC, Wash. - Local homeowners facing foreclosure got some much-needed relief Saturday at a unique workshop in SeaTac, where loan officers could make on-the-spot adjustments to keep people in their homes.

Nearly everyone who came was in dire financial straits, taking advantage of the free opportunity to cut a new deal with legitimate loan officers - not scam artists preying on foreclosure victims.

The event was held, ironically, at the Washington Mutual Leadership Center in SeaTac. It was sponsored by the Urban League.

So many people showed up that many of them had to wait hours to meet with a loan officer or counselor.

Among the many people there were Terry and Ebi Abbassi, who are trying to save their home.

Their adjustable rate loan climbed to 12 percent, leaving them with a $6,000-a-month mortgage on a house with no more equity left - and they're past due $29,000.

"We would just like to have the situation re-evaluated and hopefully adjusted so we can start over," Terry Abbassi says. "We are not asking for a handout. We are able to pay our mortgage. We just want to have the ability to absorb whatever is due into our loan and (get) a favorable rate."

Their story was typical of the people who showed up here.

State Attorney General Rob McKenna took advantage of the opportunity to tell the beleaguered homeowners that they have rights - and to encourage them to avoid scams and "seek trusted counsel."

"We want people to know that if they are in foreclosure that they have rights and they have to be careful of being scammed by folks who are simply trying to skim the equity off their property," McKenna said.

One prevalent scam involves companies who offer to buy a home from owners who are facing foreclosure, then rent it back to them at a lower monthly rate than they're paying on their mortgage. Once the home is sold to the company, it is then sold out from under the homeowner, leaving them with no home.

The scam-free environment at Saturday's seminar offered hope for these mortgage holders, who were showing their financial strain on their faces.

And it gave hope to the Abbassi's.

They were promised new terms, a lower rate and chance to stay in their home.

Meanwhile, there's no word if the Urban League is planning more of these workshops.

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