176,446 New Listings - March 2010 - Last update March 19, 2010 6:15 AM ESTHomeowners Battling Foreclosures Seek Assistance and Help
More and more homeowners battling foreclosures are seeking assistance and help. Two of the victims are Tim Pine and his father who journeyed the long distance from Las Vegas to Cow Palace in search of some miracle that would help them to continue staying in the house that was their home. Both of them are contractors but when work shrunk during this recession they found it difficult to pay $2,800 as mortgage. They are paying till now but with each passing month it was getting more and more difficult.
About 5,000 harassed foreclosure victims arrived at the venue noted for holding rodeos and exhibitions. But this time entertainment was not on the menu. The people had come for help from the non-profit body, Neighborhood Assistance Corporation of America. Based in Massachusetts it has been certified by HUD.
27 year old Pine said, “We drove here on Wednesday night and we’ve been sleeping in the car.” The 5 day event started off from Friday 23rd October has been named “Save the Dream”. The unit has been organizing such events all across the country.
With foreclosures swallowing up more and more victims, the borrowers are turning for help to loan modification programmes in greater numbers. Many are modest community based operations. But Neighborhood Assistance Corporation of America is going about it on a giant scale. It has got under its umbrella hundreds of trained counselors whose servicers are free. They take up cases one by one. The most significant fact is that this organization has reached understandings with important financial entities who are holders of the troubled mortgages like Bank of America, Wells Fargo and JPMorgan Chase. Thus the counselors can directly contact the lenders about loan modification that will reduce the monthly mortgage commitments.
In September a “Save the Dream” event was organized in Los Angeles. Nearly 45,000 took part said C.J. Harris of NACA. 10,000 persons had pre-registered themselves. Harris described the situation as a national crisis.
One of the participants is Maurice Thomas who is in his mid fifties. His troubles began when he decided to start on a business of his own. He narrated, “I worked for Oracle, HP and small companies you’ve never heard of. Under normal conditions, I had a steady job. Then my software skills got soft.” He is struggling to make ends meet – a son studying in Arizona State University and the mortgage on his house in Danville, California. This event seemed to him like a godsend.
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