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Pasquale and Jeannie Gebbia have been worried about losing their home to foreclosure.
Although they’re current on the monthly payments, the Gebbias said they have burned through their savings since Pasquale was forced to retire from his job as an excavator almost two years ago. So, they came to the Frontier Airlines Center in Milwaukee last week to see whether government or private agencies in town for a mortgage modification event could help.
They returned home to Wonder Lake, Ill., a happy couple. Pasquale Gebbia said his lender agreed to lower the interest on his loan enough that the monthly payment will drop to $740 from $1,250 for five years, an amount he said he can manage with the help of retirement income.
“It’s 100% great news,” Gebbia said. “It’s just like everything is lifted off our shoulders.”
Not all of the 512 homeowners who attended the Help for Homeowners Community Event – one of dozens put on around the country by the Obama administration’s Making Home Affordable Program, the Hope Now Alliance and NeighborWorks America – walked away as satisfied.
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