CHARLOTTE, N.C. -- Hundreds upon hundreds of people some from as far away as Atlanta and even California flocked to the old Merchandise Mart in Charlotte hoping for a reduction in their mortgage payments that would allow them to save their homes.
Billed as "Save the Dream," the event is being staged by the federally funded Neighborhood Assistance Corporation of America of NACA.
NACA CEO Bruce Marks says events like this one work because it brings everything from underwater homeowners to bankers together under one roof.
"You see 350 councilors. You see hundreds of servicers here and they get the job done, often the same day," said Marks.
Under the roof of the cavernous hall, the councilors sit with people at small desks, each with a computer. They review what the homeowner is currently paying, what is owed on the home and what the person's income is.
After the councilor works out what would be an affordable payment, the homeowners is taken to one of the dozens of bank representatives to see if the bank will agree to the new terms.
In the case of Kim McCoy of Charlotte, the bank did and Kim was nearly overwhelmed. "I'm unemployed so to have a mortgage payment cut in half in an instant was a blessing today," she said.
Veronica Wise also realized the dream. "They gave me a fixed rate of 2.2% and now I am saving $526 a month on my mortgage payment," said Wise.
The process can take hours and some people don't get what they were hoping for. In many cases the lenders say they need more time to decide on mortgage reductions.
The event runs until 8 p.m. each evening through Monday but NACA says those inside when the doors closed will be allowed to stay and start the process but might have to come back the next day.
