Hundreds of people were lined up overnight for the event that is being put on by the Neighborhood Assistance Corporation of America, or NACA. The four day event is taking place Friday through Monday from 8 a.m. to 8 p.m.
NACA founder and CEO Bruce Marks welcomes every customer by relaying the lending institution which carries their loan. Shawn Barnett of Antioch slept at the Cow Palace overnight so he'd be among the first served this morning.
"I owe $500,000 and the house is only worth $158,000," said Barnett.
NACA says it practices what it calls non-violent bank terrorism - that is holding lending company executives responsible for their actions. And two, it has legally binding agreements with major lenders to make special deals with NACA clients.
"It's based on what you are able to afford. When you do someone's budget, this is what you can afford and the lender will reduce the interest rate to as low as two percent and now we are getting principle reductions of tens of thousands and sometimes over $100,000 to get to that affordable mortgage payment," said Marks.
Mr. Barnett updated us after presenting his documentation to NACA, the final step before taking the written offer to the loan company representatives.
"I have to talk to a counselor again, but it is going pretty quickly," said Barnett.
Marks said it's an opportunity where people have nothing to lose, except for some time. The entire NACA event is free to the public.
