Hundreds of people looking for help on their mortgages – or hoping to become homeowners – filtered through the Charlotte Convention Center on Thursday, the first day of the Neighborhood Assistance Corporation of America’s workshop.
After scanning loan and income documents from struggling homeowners, NACA counselors determined what monthly payment they were able to afford.
Homeowners took that data to representatives of Bank of America, Wells Fargo, Chase, Fannie Mae or Freddie Mac, who then could negotiate a modification by reducing principal, cutting the interest rate or lengthening the term of the loan.
On the other side of the convention hall floor, NACA counselors gathered credit and income information from prospective homeowners, essentially underwriting a future loan.
It was the 102nd such event NACA has held since summer 2008, and the 43rd and final one of this year, founder and CEO Bruce Marks said. The event continues through Monday, 8 a.m. to 8 p.m. each day. Andrew Dunn