Thousands line up at L.A. Convention Center for chance to avoid foreclosure

[yurbud]

Source: Los Angeles Times blog

Thousands of distressed homeowners lined up Thursday morning outside the Los Angeles Convention Center for the chance to restructure their mortgages and avoid foreclosure at a five-day refinancing event.

The event is sponsored by the Neighborhood Assistance Corporation of America, a national mortgage company that holds large refinancing events around the country.

NACA says its service often helps homeowners facing foreclosure reduce their mortgage rates to 2% or 3%. The company's Save The Dream Tour is in its second year of barnstorming.

Held at arenas and convention centers around the country, the events typically draw thousands of people, many who spend the night in line.

Read more: http://latimesblogs.latimes.com/lanow/2010/09/thousands-line-up-at-laconvention-center-for-chance-to-avoid-foreclosure.html

---

My wife's parents went to this last night and slept outside on lawn chairs all night for a chance to get in. They're still there at 11:30 am. They said people leaving were very happy with the deals they got.

Another article compared the Obama program unfavorably with this, but said that it had helped ''only'' 468,000, 15% of those eligible, but that still sounds like a lot to me. Not everybody figures out how to get help or takes it when it's right in front of their faces.