LOS ANGELES (CBS) — Thousands of homeowners waited at the Los Angeles Memorial Sports Arena Thursday in the hopes of getting free advice to save their homes from foreclosures.
The Neighborhood Assistance Corporation of America began its annual Save-the-Dream tour in Los Angeles, kicking off 10 days of workshops and free one-on-one sessions with counselors to help homeowners stave off foreclosure. NACA, as the organization is also called, provides counselors that advise borrowers on how to get more affordable mortgage payments.
Homeowners waited in lines patiently, bringing camping equipment, and described their varying situations, some tearfully.
“Its 6.95 right now and it can probably go up to 10 or 12,” Cathie Rojas said, referring to her mortgage interest rate. If it does, “we’re not going to be able to afford it. We’re going to have to let it go. So this is the last shot.”
Paul Leonard, California spokesman for the Center for Responsible Lending, tells KNX 1070 the home mortgage system is “fundamentally broken”.
This event attracted more than 50,000 homeowners last year and expects to draw even more this year.
NACA, a non-profit, has contracts with major lenders like Fannie Mae and Freddie Mac, and gives homeowners an opportunity to meet face-to-face with representatives from their banks.
Some economists have forecast that foreclosures will peak in 2011.
“That’s why everybody’s here. Nobody wants to lose their house. Nobody wants to tell their kids, pack up. That’s hard – for them,” Gina Seanez said.
Homeowners seeking help from NACA should remember to bring proof of income, mortgage documents and bank statements.
Get more information on NACA’s website.
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