• BREAKING NEWS ABC shows live and on-demand -- Download the WATCH ABC app!

Mortgage convention aids struggling homeowners

October 1, 2010 12:00:00 AM PDT
Friday, for the second straight day, homeowners crowded into a clinic at the Los Angeles Convention Center, looking for help in restructuring their loans and avoiding 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.

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.