LOS ANGELES (CBSLA.com) — Thousands of homeowners waited in long lines at the Convention Center on Friday in an effort to keep their homes – or buy one.
KNX 1070’s Pete Demetriou reports the event is expected to attract homeowners with unaffordable mortgages as well as homebuyers looking to purchase a home for the very first time.
Neighborhood Assistance Corporation of America (NACA) is sponsoring the event – their eighth such event in Los Angeles since 2011 – to work with lenders and borrowers on loan modifications that would mutually beneficial.
Miguel and his wife Carmen are both state workers who were on hand to try and solidify their financial situation by trying to reduce their current 4.7 percent adjustable rate mortgage.
“We don’t know if the interest rate’s gonna adjust to something that’s gonna double,” said Miguel. “We’re just here not asking for a whole lot, we just want a fixed rate.”
Unemployed truck driver Joe Smith waited in line with a far greater sense of urgency.
“I just wanna try and save my home,” he said. “Whatever I have to do, I have to do.”
The event runs from 8:00 a.m. – 8:00 p.m. every day starting Friday through Oct. 9. Homeowners and buyers can pre-register for the event by visiting the NACA website.