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.

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 This material may not be published, broadcast, rewritten, or redistributed.)

Comments (20)
  1. Tim Griefenstine says:

    What a joke. Went through a modification. I thought it was to lower my interest rate and LOWER my payment’s. HaHaHaHa, Like I said, what a joke. My interest rate stayed the same and my payment’s “WENT UP $500.00”. Can somebody…..anybody please explain how this HELPED me ????????????????

    1. matt says:

      Did you have an interest only loan prior to the modification, if so this is the reason your payment went up.

      1. Tim Griefenstine says:

        No it was adjusyable after 3 year’s. After the 3 years they jumped my rate sky high

  2. bobby says:

    well most of you dummies should have never bought a house to start up with and now because of your stupidities and lack of responsibilities and accountibilities oyu want others to feel bad for you you dug the holl now go sleep in it or get the f out okay and cut this b s that they didnt tell me i didnt konow i dont speak english on and on

    1. DAQ says:

      bobby, there are some loan officers who did not explain loans well enough for consumers to understand… most of them were happy just to get qualified and be able to pay their payment. no one ever thought their values of their homes would crash to rock bottom.

  3. lamama says:

    Ditto. Went through the ordeal for 15 months, just to have the same interest only payments, same rate, and owe more on the back end. The housing crisis will linger for 20 more years, because they continue to ruin peoples credit while just putting a temporary bandaid on the situation. Ridiculous!

    And you can say, we took the loan, we are responsible; but the problem was the economy crashing and losing jobs and salaries; which was out of our control. If we were a business, we would be able to walk away without the same type of criticize. As it is now, we pay our IO loan payments, hoping that by the time the loan matures, we can get out gracefully….or else we’re just facing foreclosure in another few years. Yippee!

  4. lamama says:

    People aren’t asking for a free ride, in many cases they are just trying to get their loans converted to current interest rates (which are lower) and fixed terms…. The banks should be bending over backwards to help these people considering the alternative.
    (Bobby: you’re judgements are ignorant. We owned a house before this one, and paid 12 years of payments on time. We are English speaking, Americans, that had over an 800+ credit scores, which we earned for years of being responsible.) The end of ’08 the economy crashed, effecting thousand of people and homeowners. Wise up and stop judging things you seem to know so little about.

  5. supper fan says:

    Once you tell the lender that you no longer have the same job as when you took out your loan and you are behind in payments you are in breech of your original contract. The lender then begins foreclosure proceedings even though you have a new job and ability to pay. It does not matter plus because you are behind in your payment your credit score is sour plus if you made your mortgage a priority rather than your credit cards and car payments you are really in deep water because of the dept ratio. They are trying to stimulate the ecconomy on the back of poor people. plain and simple. When they lose their homes and someone new buys it they buy paint wood fixtures concrete etc. If they keep their home they simply hunker down and try to weather the storm. Loan Modification is meant for those in million dollar homes living on the beach who leveraged them to the hilt and hired someone to structure their loan modification prior to submitting their application. The poor people in line do not have a chance unless it is simply one lucky son of a @#$% with good credit and who still has their prior job.

  6. ray says:

    Declare bankruptcy! F your bank

  7. Tim Griefenstine says:

    You a person has any sense of responsibility (which aparently you don’t) you don’t walk away from something you work so hard for. Idiot’s like you are part of what caused this problem with the housing crisis. That’s the difference between you,me, and thousand’s of other people, wre not irresponsible or quitter’s. Get it loser

  8. Tim Griefenstine says:

    I like the way everybody can run thier mouth and they don’t have a clue what thier talking about. That’s the problem with this country, don’t have a clue but, got all the answer’s. Such loser’s

    1. 2958 says:

      Well said!!!!!!!

      1. bugman says:

        simply put,roller coaster ride to bigger and better homes using the system,but,roller coaster had an end with no parachute,dumb people!

  9. Alejandre Amezquita says:

    To all self employed don’t loose hope. we got a great modifiaction and the NACA staff was all very present and freindly. It really does work.Alejandre

  10. TEB says:

    NACA posting updates on Twitter every day. @NACAEvents

  11. melrod says:

    I am in trouble. Yup. Right up there with everybody else!

Leave a Reply