ONTARIO (CBSLA.com) — Thousands of homeowners are expected to wait in long lines at Ontario Convention Center Monday in an effort to keep their homes – or buy one.
The event, sponsored by the Neighborhood Assistance Corporation of America (NACA), is expected to attract homeowners with unaffordable mortgages, as well as homebuyers looking to purchase a home for the very first time.
NACA’s goal is to work with lenders and borrowers on loan modifications that would be mutually beneficial.
“Fifty-five percent of the homeowners that walk in will walk out with a same-day solution. Eighty percent within 30 to 45 days,” Rick Carrera, of NACA, said.
Some homeowners who participate in the free event can expect monthly mortgage payments to be reduced by $500 to $1,000 on average, NACA officials said.
“No income level. It’s not credit driven. We just want to make sure that we can prove to the bank that you have an unaffordable mortgage rate,” Carrera said.
The event runs from 8 a.m. to 8 p.m. Monday and walk-ins are welcome. Homeowners and buyers can pre-register for the event by visiting the NACA website.