Families Wait In Line For Help With Foreclosures

LOS ANGELES (CBS) — Families are lining up for mortgage help outside the Los Angeles Memorial Sports Arena on Wednesday.

The Neighborhood Assistance Corporation of America is set to begin their Save-the-Dream Tour in Los Angeles Thursday. The event is a week-long series of workshops on foreclosure prevention.

Hundreds of the organization’s counselors will work with borrowers to get more affordable mortgage payments.

KNX 1070’s Pete Demetrio spoke to some homeowners who have less than high esteem for mortgage bankers.

Last year, this free event attracted thousands of Los Angeles County homeowners.

Find out more about the Neighborhood Assistance Corporation of America.

(©2010 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

  • JM in San Diego CA

    I’d love to know why the Neighborhood Assistance Corporation didn’t try to halt some of the irresponsible borrowing — BEFORE the loans were made.

    My wife worked with a woman who got one of those stupid loans. The woman put down monthly income of $5,500, which was a fantasy that nobody verified. Of course, she lost the house in practically no time at all.

  • Tim Trumble

    The fact is NACA has been fighting predatory lending since 1988. It’s just that the problem was so widespread that NACA could only stop so much of it.

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