Despair has paralyzed many homeowners who can't keep up with their payments. On Friday, many homeowners had a moment of joy because they can sit across the table from their lender and in many cases, they are leaving with a smile.
They camped out overnight with the line growing quickly to more than $1,000. By day, more than 5,000 distressed homeowners showed up, hoping to get their loans modified. Carmen and Grover Dye came, determined to keep living in their three-bedroom house in Oakland's Sheffield Village. It has been home since 1991.
"It's very disheartening to see this many people in this situation, and it has to speak to the institution, the financial institution in and of itself and where we little people stand," said Carmen.
The Dyes had tried and failed to get a loan modification. Carmen was jobless for 18 months after getting laid off and her new job pays 50 percent less.
"It's outrageous that someone comes through NACA, they can get their interest rate lowered to 4, 3 or 2 percent, save $500 to $1000 a month in many cases. Yet if they call that same lender, they cannot get the same solution," said Bruce Marks, the Neighborhood Assistance CEO.
NACA is Neighborhood Assistance Corporation of America. It gets federal funding and fees from lenders to help homeowners. The process isn't easy. Everyone must provide loan papers and earnings documents. It took the dyes two hours to go through that process.
"The loan originated with Alliance Corp., which was absorbed by Countrywide, which has now been absorbed by Bank of America," said Carmen.
Once the number crunching is done, it's time for a face-to-face meeting with the lender. About a third of the cases are resolved the same day, including Carmen and Grover dye.
"$500 reduction in our mortgage and 2 percent for the life of our loan," said Carmen.
Help will be available at the Cow Palace through Tuesday. To get more information and a list of the paperwork you should bring, click on the link below.
LINK: Save the Dream Tour