Underwater Homeowners Meet With Lenders At Convention Center
By Pat Loeb
PHILADELPHIA (CBS) - An event at Philadelphia's Convention Center, this weekend, is designed to help homeowners avoid foreclosure. The event brings together the nation's largest lenders and their borrowers, to renegotiate mortgages.
"Everybody who comes here with an unaffordable mortgage has already failed to work with their lenders. That's why they're here."
Bruce Marks is the founder of the Neighborhood Assistance Corporation of America, or NACA, which sponsors these events all over the country. Banks send representatives with authority to renegotiate and homeowners come with documentation, showing why their loans have become insupportable and what they could afford.
"It's very difficult for the lender to look a homeowner in the eyes and say, 'you're going to lose your home.' Then they do all kinds of efforts to make sure it gets done and it does get done."
Bank of America even does a little cheer when it helps a homeowner.
Rochelle Hall got the cheer, "I was behind in my mortgage and I needed some help. I didn't want to lose my house. So, I'm happy about what she's doing, she's helping me, she brought me up to par."
