Optimistically, Hundreds of Troubled Homeowners Attend Mortgage-modification Seminar...

Many homeowners saw their once stable mortgage payments jump to almost double or more during the current housing crisis. Many who could not afford it simply stopped paying it, and others who could afford it, contemplated on not paying it. This all while the unemployment rates skyrocketed.

Many owners in that same situation, were attending a five-day mortgage-modification seminar organized by the Neighborhood Assistance Corp. of America that runs through Monday, March 1. It's aimed at giving counsel to loan borrowers and trying to give options to avoiding foreclosure.

Representatives of Bank of America, IndyMac, Litton, GMAC, Wells Fargo and other lenders are there to help give a helping hand. 8,000 borrowers registered to attend, however, the event was said to be open to anyone. So far, some have been able to solve their mortgage problem at the seminar.

Obviously, you could see the worried looks of people from all over as they packed the event.
Many hoped to get their payments down $200 or $300 lower than where it currently is.

The Neighborhood Assistance Corp. of America has been helping borrowers with advice and resources for almost 2 years.

What do you feel this program can do for homeowners? Do you think having these loans lowered can help the lenders while hurting the banks?...


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