WEST PALM BEACH-Call it a giant lifeline for troubled homeowners. Friday morning at the Palm Beach County Convention Center, the Neighborhood Assistance Corporation of America, or NACA, will open its 14th mortgage modification road show.
This one is being called the "Save-A-Thon," because it is the first to stay open around the clock, 24 hours a day.
NACA works with homeowners and lenders, to reduce interest rates or principle, and thereby arrive at an affordable mortgage payment. NACA claims a success rate of about 80 percent, and says close to 30 percent of the people who show up at the event, should get help the same day.
Two families have flown all the way from California to attend the "Save-A-Thon" in West Palm Beach.
"Well you know we love our house," said Angelica Salinas, of Pasadena, California, fighting tears. "We have three kids. Where are we going to go? Where?"
Salinas said her mortgage payment is more than $4,000 a month, yet her husband is not working as many hours. Salinas said efforts to work out something with the bank have been unsuccessful. Coming to the "Save-A-Thon" may be their last hope to avoid foreclosure, they said.