The cavalry in this case is the nonprofit Neighborhood Assistance Corporation of America. These guys come into town, put on huge events and modify thousands of loans.
It is a wild scene. One thousand homeowners standing in line over night, 5,000 waiting in the bleachers for their turn to sit in front of their banker and ask for a loan modification.
NACA has is down to a science.
"If it wasn't for NACA we would be out on the streets right now," Moses Kafusi said.
Kafusi and his family were in a world of hurt when he showed up at a NACA event. Behind on his payments, out of work with a home worth half as much, his lender had given him one more week to pay up or get out. The payment was $3,700 a month.
"We got it down to 31, NACA got it down to 31," Kafusi said. "At 3 percent for the lifetime of the loan."
It is a payment that can be made on just his wife's salary.
"We have legally binding contracts with every major lender in the country and they are all on site there," NACA spokesperson Darren Duarte said. "And that contract says if we can show the mortgage is unaffordable they can go as low as a 2 percent fixed rate for the life of the loan to get to what is considered an affordable payment."
The loan amount can also be dropped.
And if you are in the market for a home, you should drop by NACA is offering some astounding mortgage deals.
"We've been here in the past just helping people save a home and now we are helping people who want to buy a home," Duarte said. "We lend money on the best of terms. No down payments, the bank pays the closing cost, there are no fees and it is always one percent below the market rate. Most of the people who are in trouble with their loans in this market don't have our loans."
NACA is rolling into the Cow Palace on Friday and will remain through Monday. Most major banks and lenders, including Freddie Mac and Fannie Mae, will be there and they have all agreed to help homeowners.