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Homeowners get mortgage help at Ontario Convention Center

January 26, 2012 12:00:00 AM PST
Homeowners desperate to keep their homes packed the Ontario Convention Center on Thursday for help avoiding foreclosure.

The event is organized by the Neighborhood Assistance Corporation of America (NACA), and it's free.

It gives residents an opportunity to talk to someone on the phone from NACA who will counsel them and go through their financial statements to find the best loan modification for them.

Then they head over to talk to a lender representative in person, who will hopefully come up with a solution for them.

Organizers say 55 percent of people who participate will walk out of the building with a successfully modified loan. That number jumps up to about 80 percent over the next couple of months.

The organization says that's not only because they have legally binding agreements with the banks to help people, but for the struggling homeowner, the face-to-face contact is much more efficient than dealing with banks over the phone.

"Big men come up and they hug me, and they have tears rolling down their cheeks, saying 'I can now go home, and I can look my children in the eye and know that they have a place to live for a long, long time,'" said Bruce Marks of NACA.

"We're saving homes, saving families and sometimes people come up to me and say, 'You've saved my life.' I have the best job in the country," Marks said.

Robert Boghozin of Los Angeles said he's an electrician whose salary was cut in half over the last few years. He was able to walk out with a successfully modified loan, cutting his payments by over $1,500 a month.

"I secured the loan I could afford. It's done, it's finished, and I'm happy," Boghozin said. "I got my home back."

The five-day event runs through Monday from 8 a.m. to 8 p.m. Afterward, the event goes to San Francisco, San Diego and then Los Angeles.

Before lining up for the event, make sure you have all of the proper mortgage and financial documents. For a list of everything you need, visit http://www.naca.com.