MIAMI BEACH (CBS4) — Thousands of homeowners who are upside down on their mortgages or being foreclosed upon because they can no longer afford their homes attended a free mortgage modification event this weekend in Miami Beach.
Hundreds began lining up Thursday in anticipation to Friday’s launch of the program that runs through Monday, Feb. 28 as the Neighborhood Assistance Corporation of America’s (NACA) Save The Dream Tour has set up shop in the Miami Beach Convention Center from 8:00 a.m. – 8 p.m. each day.
“I’ve been in line since 4 o’clock yesterday evening,” attendee E.L. Stewart said. “I waited my turn patiently for the door to open up.”
During the four-day event NACA’s mortgage experts will assess and modify thousands of mortgages for those who feel they can no longer keep up with payments. The process begins with an orientation before meeting with loan counselors will figure out a family’s ability to pay. That information is then submitted to a lender for approval.
Stewart said he hopes the event will assist him.
“I’m hoping to get some modification help here…hopefully save my home,” he said.
Borrowers who qualify – about 50 percent will — can get low, 30 year fixed-rate mortgages; sometimes the lenders will even cut the principal amount owed.
Alberto Barcelo attended the event to apply for a loan modification. He said he feel behind after his business closed.
“Finally I’m getting somewhere today, hopefully, it looks like it,” he said. “So far we haven’t got that far but it looks very promising.”
Professional loan counselors at the event can cut through the red tape and submit the financials directly to the lenders.
“I have to prepare a budget for him and a hardship affidavit form, basically, so the bank can have his complete information and base their solution on what he can afford,” loan counselor Patricia Baez said.
Attendees will get an answer on their loan request before they leave they building but there are no guarantees.
When the Save The Dream Tour came to Miami Beach last year, their experts were able to help about 15 thousand people get mortgage modifications.
According to NACA “the Save the Dream Tour has been an incredible success with hundreds of thousands participants in various cities. Thousands of homeowners received same day solutions having their mortgage payments permanently reduced by over $500 and many by over $1,000 a month often with interest rates reduced to 3 percent or 2 percent and sometimes a principal reduction. NACA has legally binding agreements with all the major lenders / servicers to achieve this.”
Homeowners must register for the event in advance and are asked to bring the following documents:
a) Pay Stubs (most recent available 30 days) If self-employed Bank Statements (last six months)
b) Monthly Mortgage Statement (most recent available)
c) Property Tax Bill (most recent available)
d) Homeowners Insurance Bill (most recent available)
Registration is available online at naca.com or via phone at 888-499-6222.