Consumer

South Bay Homeowners Line Up For Mortgage Modification Help

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Mortgage-holders line up for a NACA modification event in San Jose (CBS)

Mortgage-holders line up for a NACA modification event in San Jose (CBS)

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SAN JOSE (CBS 5) – A mortgage modification event being held this week at the San Jose Convention Center represents a last ditch- effort for hundreds of homeowners keep the roofs over their heads.

About 1,000 people lined the street outside the McEnery Center Friday morning for the start of a 6-day event aimed at restructuring the mortgage for California residents who now owe more than their home is worth.

Many of the attendees have spent months, or even years going back and forth with their banks, often getting the runaround.

The non-profit Neighborhood Assistance Corporation of America is behind the free event known as “Save the Dream.” Their goal is to get lenders and borrowers under one roof to talk face-to-face.

“When that decision maker, that banker is in front of the homeowner, they are in it together now. It’s not a piece of paper, it’s not a phone call, it’s a person with kids, with family, who wants to save their home. That emotion is absolutely crucial,” said of NACA.

By bringing the banks and homeowners together, NACA says they’ve saved hundreds of thousands of homes, and hope to eventually put themselves out of business.

(Copyright 2011 by CBSSan Francisco. All Rights Reserved.)

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