Thousands come to LA Convention Center to get mortgage help

Thousands of people struggling to pay the bills are getting help with their mortgage payments at the L.A. Convention Center. A nonprofit, the Neighborhood Assistance Corporation of America, set up shop in an exhibit hall. They brought in banks and counselors to help people negotiate lower rates on 30-year fixed mortgages.

KPCC’s Shirley Jahad talked with one woman who traveled all the way from Atlanta.

Shirley Jahad: Anna Ward camped out overnight sleeping on the concrete in front of the L.A. Convention Center to be one of the first in line. Her friends in Atlanta had been to the event there and told her to come. It was well worth it she says. She’s been frustrated for three years trying to deal with the bank on the phone.

Anna Ward: Being here with them face to face I went from 11.75 to 2.25 percent, which reduced my payment by $800 a month.
Jahad: How did you have an 11 percent loan in the first place?
Ward: I refinanced and the person told me this is the best loan you’ll ever get. This is the loan for you.

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Jahad: Nobody told her it was an adjustable rate mortgage that started low and skyrocketed quickly. Then came salary cuts at her job in the airline industry. Now she says she feels blessed to get the help.

Ward: I sat there and looked at the lady and I almost cried, and I said I don’t want to cry because I know that’s not proper. But my heart was so full because I had just been getting the runaround for three years with this.

Jahad: The Neighborhood Assistance Corporation of America calls the event the Save the Dream Tour. Its on from 9 in the morning until 8 at night through Monday.