A special event offering free help to thousands of homeowners struggling to pay their mortgages begins today at the Los Angeles Convention Center.
NACA, the Neighborhood Assistance Corporation of America, is offering struggling homeowners the opportunity to possibly restructure home loans at lower rates during its 'Save the Dream Tour' event that starts today at 9am and runs continuously until it wraps up on Sunday January 30th at 8pm.
NACA organizers explain that they may not be able to see everyone by the end of the event on the 30th, but they are encouraging people to come to this marathon event and hope to help as many people as possible during this 14 day non-stop convention.
NACA offers that they can help people at risk of foreclosure reduce their mortgage payments by over $500 and many by over a $1,000 a month, often with interest rates reduced to 2 or 3 percent and sometimes a principal reduction.
NACA has legally binding agreements with all the nation's largest lenders and investors' Fannie Mae and Freddie Mac to make mortgages permanently affordable for thousands of at-risk homeowners.
During last years event there were some people who traveled as far away as Florida for help. Since this is such a popular event people should expect to stand in line for hours, waiting to get inside. However, once inside, the process is said to take about 1-to-2 hours.
NACA officials say the event is the best way to help as many people as possible in one setting.
When: Thursday, January 20, 9am to Sunday, January 30, 8pm
Where: Los Angeles Sports Arena, 3909 S. Figueroa Street, Los Angeles, 90037
Cost: All services are free.
Call 888-499-6222.