The Neighborhood Assistance Corporation of America (NACA) is back in Los Angeles with their "Save The Dream" tour, a five-day event that helps homeowners prevent foreclosure through loan modifications and other means. All services rendered to the homeowners are provided free, courtesy of NACA.
Homeowners had been camped out for hours outside the Shrine Auditorium before the doors opened at 8am this morning, and some spoke to KTLA about their predicaments. While "Jose" is not in foreclosure proceedings yet, he knows his interest rates are about to go up and his payments are about to balloon. He told KTLA, "I wouldn't say foreclosure just yet. I've still got a few months," but his bank has been thus far unresponsive. Another man has fallen behind on his home payments, partly because his loan rate is about 11%. Of today, he said, "Hopefully I can be able to be finished with this nightmare."
NACA spokesperson Tim Trumble told HuffPost that Los Angeles is the only city that NACA has visited four times -- partly because there's such a great need in this region, and also because Mayor Antonio Villaraigosa has been outspoken about his support for the event.
The non-profit processed 60,000 Angelenos when they last came in January 2011, and Trumble says that more than 50% of them got some kind of same-day resolution -- typically a loan modification or forbearance.
NACA is primarily funded through grants from the federal government and small private grants, although Trumble also says that if a loan modification is achieved, NACA will send a bill to the bank ("a modest fee") for essentially doing their job for them. After Los Angeles, the team is splitting up to cover San Diego, San Francisco, San Jose, Denver, Portland, and Las Vegas.
When: Thursday, June 2 - Monday, June 6. From 8am-8pm everyday.
Where: Shrine Auditorium & Expo Center, 700 W. 32nd Street Los Angeles, CA 90007
Cost: Free. Please register at naca.com or 888-499-6222.