Anti Federalist
08-27-2010, 03:33 PM
Thousands seeking help with mortgages jam Palm Beach County Convention Center
http://www.palmbeachpost.com/multimedia/dynamic/00525/082710_met_naca_1_525869e.jpg
http://www.palmbeachpost.com/money/real-estate/thousands-seeking-help-with-mortgages-jam-palm-beach-882338.html
By Kimberly Miller Palm Beach Post Staff Writer
Updated: 3:08 p.m. Friday, Aug. 27, 2010
Posted: 6:52 a.m. Friday, Aug. 27, 2010
WEST PALM BEACH — The Palm Beach County Convention Center filled again today with tales of mortgage woe.
Before dawn, with a plump moon overhead, a line of desperate homeowners trailed around the outside of the building. They slept in beach chairs or on blankets on the ground, refugees from a bad economy, bad loans, or bad decisions.
They stayed even as the rain poured down on them.
Because for most of the people in the queue, the Neighborhood Assistance Corp. of America is the end of the line. The last chance to save their home.
The non-profit group will be at the convention center through Tuesday helping people get lower monthly payments through loan modifications. At least 1,000 people arrived before the doors opened.
“If the banks won’t come to you, you go to them,” said Detroit resident Brian Kelley, 44, as he blinked rainwater from his eyes.
Kelley, a Ford Motor Company employee, whose salary has been cut nearly in half, flew into Fort Lauderdale on Thursday, got a ride to the Tri-rail station, and took the train into West Palm Beach.
He had a cooler with sandwiches and water, anticipating a long day.
“Desperate times take desperate measures,” Kelley said.
He’s not the only desperate one.
More than 50,000 people are expected to attend the 5-day, around-the-clock event, said Bruce Marks, the CEO of the Boston-based NACA. Considering many people come in pairs, that could mean as many as 25,000 home loans will be worked on by the army of NACA counselors, who wear yellow T-shirts baring the NACA slogan; “Loan Sharks Beware.”
During the group’s visit to West Palm Beach in February, NACA reviewed 24,000 loans, modifying, at least temporarily, 16,097.
NACA brings hundreds of bank representatives to its “Save the Dream Tour” events. Borrowers first meet with a NACA counselor to settle on an affordable mortgage payment, typically something that is 31 percent or less than their gross salary.
They are threaded through waiting stations, filling in rows of seats like a line for a roller coaster.
Finally, the borrower speaks face-to-face with the bank representative.
The typical successful result is a new fixed interest rate as low as 2 percent. Some people also receive principal reductions on their loans.
Marks said he doesn’t use the federal Making Home Affordable program, which allows lenders to extend a loan to 40 years and award a modification with a 5-year expiration date.
Instead, he said he negotiates deals with banks that work with him because “it makes good business sense.”
“We get the job done, and we get it done in one shot,” said Marks, whose group has received $41.5 million in federal aid from the National Foreclosure Mitigation Counseling Program.
NACA also gets a $500 payment for every permanent modification that results in three successful mortgage payments, Marks said.
Marks has harsh words for banks, such as Chase, that refuse his advances.
In a cavernous convention center ballroom, hundreds of people sat Friday waiting to see a counselor. Marks had the microphone.
“We are suing Chase,” Marks said to uproarious applause from the crowd. “We want to make Chase the example of don’t mess with NACA and don’t mess with homeowners.”
Chase, which has two permanent customer service centers in Palm Beach County, is conducting a similar loan modification event in Orlando this week.
By 10:30 this morning, new arrivals to the NACA event were being directed to park at CityPlace, because the 1,100-spot convention center lot was full.
“I would encourage everyone to be patient because NACA is really doing a great job,” said West Palm Beach resident Jean Kercius, 38, who was pulled to a podium in the center of the convention center floor to announce his successful loan modification.
Kercius, who recently lost his job as a nursing assistant, got a fixed 2 percent interest rate and a principal reduction that cut his monthly payment from $1,333 to $716.
“I am overwhelmed and overjoyed,” he said.
http://www.palmbeachpost.com/multimedia/dynamic/00525/082710_met_naca_1_525869e.jpg
http://www.palmbeachpost.com/money/real-estate/thousands-seeking-help-with-mortgages-jam-palm-beach-882338.html
By Kimberly Miller Palm Beach Post Staff Writer
Updated: 3:08 p.m. Friday, Aug. 27, 2010
Posted: 6:52 a.m. Friday, Aug. 27, 2010
WEST PALM BEACH — The Palm Beach County Convention Center filled again today with tales of mortgage woe.
Before dawn, with a plump moon overhead, a line of desperate homeowners trailed around the outside of the building. They slept in beach chairs or on blankets on the ground, refugees from a bad economy, bad loans, or bad decisions.
They stayed even as the rain poured down on them.
Because for most of the people in the queue, the Neighborhood Assistance Corp. of America is the end of the line. The last chance to save their home.
The non-profit group will be at the convention center through Tuesday helping people get lower monthly payments through loan modifications. At least 1,000 people arrived before the doors opened.
“If the banks won’t come to you, you go to them,” said Detroit resident Brian Kelley, 44, as he blinked rainwater from his eyes.
Kelley, a Ford Motor Company employee, whose salary has been cut nearly in half, flew into Fort Lauderdale on Thursday, got a ride to the Tri-rail station, and took the train into West Palm Beach.
He had a cooler with sandwiches and water, anticipating a long day.
“Desperate times take desperate measures,” Kelley said.
He’s not the only desperate one.
More than 50,000 people are expected to attend the 5-day, around-the-clock event, said Bruce Marks, the CEO of the Boston-based NACA. Considering many people come in pairs, that could mean as many as 25,000 home loans will be worked on by the army of NACA counselors, who wear yellow T-shirts baring the NACA slogan; “Loan Sharks Beware.”
During the group’s visit to West Palm Beach in February, NACA reviewed 24,000 loans, modifying, at least temporarily, 16,097.
NACA brings hundreds of bank representatives to its “Save the Dream Tour” events. Borrowers first meet with a NACA counselor to settle on an affordable mortgage payment, typically something that is 31 percent or less than their gross salary.
They are threaded through waiting stations, filling in rows of seats like a line for a roller coaster.
Finally, the borrower speaks face-to-face with the bank representative.
The typical successful result is a new fixed interest rate as low as 2 percent. Some people also receive principal reductions on their loans.
Marks said he doesn’t use the federal Making Home Affordable program, which allows lenders to extend a loan to 40 years and award a modification with a 5-year expiration date.
Instead, he said he negotiates deals with banks that work with him because “it makes good business sense.”
“We get the job done, and we get it done in one shot,” said Marks, whose group has received $41.5 million in federal aid from the National Foreclosure Mitigation Counseling Program.
NACA also gets a $500 payment for every permanent modification that results in three successful mortgage payments, Marks said.
Marks has harsh words for banks, such as Chase, that refuse his advances.
In a cavernous convention center ballroom, hundreds of people sat Friday waiting to see a counselor. Marks had the microphone.
“We are suing Chase,” Marks said to uproarious applause from the crowd. “We want to make Chase the example of don’t mess with NACA and don’t mess with homeowners.”
Chase, which has two permanent customer service centers in Palm Beach County, is conducting a similar loan modification event in Orlando this week.
By 10:30 this morning, new arrivals to the NACA event were being directed to park at CityPlace, because the 1,100-spot convention center lot was full.
“I would encourage everyone to be patient because NACA is really doing a great job,” said West Palm Beach resident Jean Kercius, 38, who was pulled to a podium in the center of the convention center floor to announce his successful loan modification.
Kercius, who recently lost his job as a nursing assistant, got a fixed 2 percent interest rate and a principal reduction that cut his monthly payment from $1,333 to $716.
“I am overwhelmed and overjoyed,” he said.