Workshop helps homeowners with underwater mortgages - Atlanta News, Weather, Traffic, and Sports | FOX 5

There is help available for people whose homes are worth less than what they paid for them. New data from the real estate information company Zillow shows that 70 percent of metro Atlanta homeowners under the age of 40 are underwater in their mortgages.

Ambika Jack has owned a condo in Dunwoody for the last seven years.

"Started looking at homes and got really excited about moving in here at Madison Square because of the location, the amenities, the price," said Jack.

But since that initial excitement of becoming a first-time homeowner, the game of life has dealt her a serious blow.

Ambika paid about $150,000 for her condo when she first bought it back in 2005. Four years later she was shocked at how much the value had plummeted.

"But when I saw that sign go up front that said that the one bedrooms were now going for $72,000, and I know that I paid double that -- hat's when I was just like -- this is real and this is affecting me," said Jack.

Ambika sought help from her lender, but she says it was difficult at first to make anything happen. Then she heard about Wells Fargo's home preservation workshop at the Georgia World Congress Center this week.

"The fact that I was able to just talk to the people,all the underwriters about maybe doing a re-modification. Then go talk to people who do the refinancing on the home mortgages. Then after that, go talk to the home equity people -- all in one place just really made so much more of a difference," said Jack.

Ambika was able to refinance her loan lowering her interest rate by more than two points, which will save her about $200 a month.

Wells Fargo's Hugh Rowden says it's in the bank's best interest to give borrowers like her a fresh start.

"A customer doesn't win if a home goes to foreclosure. The community loses and also the financial institution loses as well,' said Rowden.

Wells Fargo will hold another home preservation workshop for its customers on Thursday from 9:00 a.m. to 7:00 p.m. at the Georgia World Congress Center. There is no charge and bank officials say you don't have to be behind in your mortgage payments to get help.

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