Thousands Try To Escape Foreclosure At NorCal Homeowner Event
SACRAMENTO (KCBS) - In a sad sign of the times, thousands showed up at the state fairgrounds in Sacramento over the weekend for a five-day event to help distressed homeowners avoid foreclosure.
KCBS' Tim Ryan Reports:
The line stretched at least a half-mile before the doors opened Friday.
"We're still open," declared Bruce Marks, CEO of NACA, the Neighborhood Assistance Corporation of America. "We're going to be open until 8:00 p.m. Tuesday."
Marks explained that his organization's goal was to connect homeowners with lenders in hopes of modifying their loans. A majority of the nation's major banks were there.
"My savings is gone because I'm trying to be a good citizen," lamented Gloria Garnett, who dipped into her retirement nest egg to make her monthly payments. "I don't want to mess up my credit."
Some attendees walked away with interest rates as low as 2%.
"People are saving $500, sometimes $1,000 a month," said Marks.
"I couldn't imagine if we had to get out of the house," said Mike Caz, who drove from Manteca with his wife. "It would crush me and her. It would just devastate the whole family."
Caz and his wife waited overnight at the fairgrounds before seeing a lender.
"We've had close to 25,000 people come through," Marks explained Sunday.
NACA's services are free of charge.
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