Help could include getting a lower payment or assistance with a possible short sale, a process in which a lender lets a borrower sell the property for less than the amount owed on the mortgage.

Chase staff members also will be available to help people finish modifications that already have been started.

"We're certainly trying to attract recently delinquent customers to get them in the process as quickly as possible," said Patrick McGovern, a regional vice president for the Chase Home Ownership Center. He has organized similar events across the country.

Chase will have about 50 loan counselors, underwriters and other support staff on hand to meet with customers in the ballrooms. Some speak Spanish or other languages.

You don't need an invitation to attend the event, set to run from 8 a.m. to 8p.m. daily in ballrooms 4 and 5. Those who have gotten a letter or a phone call have been told which documents to bring, such as bank statements and pay stubs.

Besides letters, some homeowners have gotten phone calls to set up appointments.

The event also is open to Chase mortgage customers who did not receive a letter but are worried about staying current with their mortgage. Homeowners who can't make it are provided with a telephone number they can call for help.

Despite the effort, Chase figures that only 250 or 300 customers will take advantage of the offer.

For the homeowners, meeting with loan officials is a chance to explain why they have fallen behind on their payments, McGovern said. A common reason is the loss of a job.

"They really want to tell you their story," he said. "They want (the bank) to understand why they're having trouble and how committed they are to keeping their home."

McGovern said there are several ways that Chase can help customers, such as cutting the interest rate, extending payments to 40years or reducing or eliminating payments for a short period. For others, there might not be an option other than a short sale, he said.

The key issue, McGovern said, is whether a sustainable payment can be created.

Since Jan. 1, 2009, Chase has offered more than 1million loan modifications to homeowners. Through December, about 285,000 have been completed.

A study by Fitch Ratings found that the number of loan modifications nationally is falling and that the real question is becoming more about when the company servicing the loan will foreclose on it.

There were 36,500 modifications completed in December across the country, down from 86,500 in April 2009, the peak for modifications, the study found. Regardless, the study said modifications have barely made a dent in the number of distressed loans.

The study also found that a majority of modified loans go into default within a year.

A local lawyer said yesterday that he doesn't believe Chase is sincere about helping homeowners.

John Sherrod of the Jump Legal Group sued the bank Tuesday on behalf of a homeowner who followed Chase's instructions to make three monthly payments needed for a loan modification, only to have Chase foreclose on the home anyway.

He said Chase's method allows it to take money from the homeowner before foreclosing on the property. The bank declined to comment on the case.

Sherrod said he has rented the room next to where Chase will be meeting with homeowners and will be available to consult with them Saturday and Sunday.

"Based upon the many families we have seen come through our office that Chase has flat-out lied to, I just don't buy that they have any legitimate interest in helping any person or family facing foreclosure," he said.

Bill Faith, executive director of the Coalition of Housing and Homelessness in Ohio, praised Chase for doing more outreach to homeowners.

"It's safe to say that they have been one of the lenders or (loan) servicers that have been more frustrating to deal with," he said.

Thursday, March 24, 2011 By Mark Williams ©2011, The Columbus Dispatch