PORTLAND - The Oregon Convention Center opened its doors Friday to thousands of homeowners facing foreclosure.
The Neighborhood Assistance Corporation of America or NACA says it hopes to help more than half the people that show up over the next five days to lower their monthly mortgage payments.
NACA founder Bruce Marks said, “where else over the next five days can you meet face to face with the lenders and get a solution ? that's unprecidented.”
The past ten years NACA has earned a reputation for bullying banks by staging protests at corporate headquarters or on the laws of bank officers’ homes. More recently NACA has signed contracts with those same banks to help modify homeowners loans so they won’t be foreclosed on.
Leticia Hernandez drove down from Seattle to see if NACA could accomplish what she has been able to, get her bank to lower her monthly payments. Hernandez said, “the bank threatened to foreclose on the home I’ve lived in for 23 years because I wasn’t able to pay on the three loans the bank lent me.”
Like many homeowners suffering through tough economic times Hernandez said she did everything the bank said to do in an effort to modify her loan but the bank kept saying they needed more documents and more time. Hernandez said, “I’m very satisfied with what NACA did for me today.
They were able to do in one hour what I couldn’t get the bank to do in nearly two years, lower my interest rate from 7.2 % to 4.75% on a 30 year fixed loan. Hernandez said her payments have now dropped by nearly $850 a month.
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