If you're in Los Angeles this weekend and need help modifying your mortgage, you may want to head over to the Los Angeles Convention Center. The Save the Dream Tour will be rolling into the city Sept. 24-28 to help struggling homeowners restructure mortgage loans.
The tour is run by the Boston-based Neighborhood Assistance Corporation of America (NACA). The organization has already visited other cities and seen about 180,000 people come out for their events. NACA's Web site says its events have helped many thousands of people restructure their mortgages. Some of those people have gotten loans with 2% interest rates.
So what exactly happens at one of these events? Counselors will be available to discuss your mortgage loan. They will scan in your mortgage documents and send them via computer to about 2,000 loan servicers and mortgage lenders who will be on-site to negotiate more favorable loan terms for borrowers.
NACA's goal in hosting these events is to help homeowners avoid foreclosure. There were 358,471 U.S. properties that received foreclosure notices in August, up 18% from a year earlier, according to RealtyTrac. Nevada, Florida and California had the highest foreclosure rates.
Other cities scheduled on the Save the Dream Tour include Phoenix and Las Vegas. You can sign up for an appointment at one of the mortgage events at NACA.com.