Troubled Homeowners and Lenders Team Up to Save the Dream
Photo by Respres
Troubled homeowners and lenders are teaming up to ‘Save the Dream’ of house ownership by averting foreclosures. Alicia Lopez took a long distance flight to Hartford from her place of residence in San Francisco only to talk with her bank. The occasion was an event held at the XL Center and was part of the‘Save the Dream Tour’.
Even though covering 3,000 miles is a huge journey, Lopez didn’t notice the distance or the time it took. Her house was going to be auctioned off in four days. She had been talking with her bank for the past one year, but they failed to come forward with any solution. While en route to Harford aboard her plane, she kept on thinking that she might have to rent out a place to live in.
Lopez, who worked for a janitorial firm, set up new terms for her mortgage with Bank of America, her servicer. It would have allowed her and her brother to reside in the house that they had bought jointly four years previously; her brother was previously a construction worker but found himself unemployed.
The event has really brought troubled homeowners, lenders and servicers together, helping them to see eye to eye. The event was sponsored by Neighborhood Assistance Corporation of America (NACA), which is a charity group that aids homeowners with their documents and budgeting.
Everything was sorted out prior to the start of the meeting. The organizers contend that this does away with the typical confusion that breaks out when the borrowers try to tackle their problems over the phone because each time they are connected to a different person.
It is anticipated that nearly 5,000 will attend this event at Hartford. It is slated to begin on October 24th until the following Monday. It also will be held against the backdrop of Connecticut, which is a place that continues to suffer under the onslaught of foreclosures and unemployment.
Kennedy Lidonde, a resident of Woodstock, was engaged with NACA prior to coming to the XL Center. He had come with all the documents – pay slips, mortgage statement, tax bills (property) and tax returns. He had already chalked out a budget that would have made it possible for him to keep up with a modified loan. Even then, he had stay on from 8 a.m. to 7 p.m. sorting out things.
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