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Mortgage convention convenes in downtown L.A.

September 30, 2010 12:00:00 AM PDT
A long line stretched around the Los Angeles Convention Center Thursday morning as people camped out, hoping to save their homes from foreclosure. The "Save the Dream" event is sponsored by the Neighborhood Assistance Corporation of America (NACA), an organization that helps people stay in their homes and prevent foreclosures.

The event will go on for five days from today until Oct. 4, and it is free. It will go on 24 hours each day.

Hundreds of counselors will sit down with homeowners to work out a plan to restructure their loan and make their mortgage payment affordable.

NACA has contracts with all the major lenders, so homeowners will sit down with them and negotiate and process the loan modification all in one day.

"It's better than over the telephone or a letter or faxing or anything like that cause you're talking to them one on one," said Muriel Bennett.

This event offered help to around 40,000 homeowners last year.

The convention helps people who are already in foreclosure, those already scheduled for auction and those who simply are struggling.

Many said without the help, they'll lose their homes.

"At this point right now, our bank accounts are starting to go down, so that's starting to worry us. We don't want to be in the foreclosure part. By coming here, we're hoping to achieve that and speak to our lender so that we can get an affordable loan," said Eislander Williams, a homeowner in Whittier.

"We have definitely done a lot of homework. We've gone to workshops and seminars," said his wife, Susan Williams. "We tried on our own to get our loan modified through our bank, but it's gone nowhere. NACA has been so nice, and they're very personal with you."

Homeowners going to the convention should bring these required documents:

  • Proof of income
  • Current mortgage statement
  • Property tax statements
  • Identification card

NACA cannot guarantee that every borrower will be able to successfully modify their loan, but organization CEO Bruce Marks said it doesn't hurt to try.

"People have everything to gain and nothing to lose. And we have a track record of unbelievable success," he said.

Sabrina Hyoung was one of those success stories. She came all the way from Colorado to attend the conference.

"I went to North Carolina last year and I left without one. It was heartbreaking but they told me what to do," said Hyoung. "I went home and we had a battle plan and we instituted it and we knocked it out, got it done, proved it to the bank and won our modification."

Her father also got a modification and each are now saving over $800 a month.

But Marks lamented that an event like this had become the only salvation for many families. "NACA shouldn't be the only solution. The government should be doing more but it's not happening."

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