Rupa Shenoy
Homeowners struggling to pay their mortgages are seeking help this weekend at an event organized by the Neighborhood Assistance Corporation of America at the Minneapolis Convention Center.
Fargo, N.D., homeowner Julie Tweit says she has been trying to lower the interest rate on her mortgage for a year.
"And it has been absolutely horrendous," Tweit said. "Every avenue I could explore, I explored -- and I couldn't get answers. Every stall tactic in the world has been used to make me give up. And I refuse."
Tweit says the help she received at the Neighborhood Assistance Corporation of America event gave her hope.
The chief operating officer, Detria Russell, says the corporation is a private, HUD-certified nonprofit agency.
"We actually are not paid by the buyers or the homeowners that come in," she said. "The modification services are completely free. So we're here just to serve as a mediator between them and their lender and try to negotiate a solution on their behalf. The work that we do, we actually have legally binding contracts in place with all the major lenders you see here -- Bank of America, Wells Fargo and Chase -- and two major investors, Freddie Mac and Fannie Mae."
Russell says counselors find immediate solutions for many homeowners, who have left the event with hundreds of dollars in savings on their mortgages.
The nonprofit is holding similar events across the country. The one in Minneapolis runs through Tuesday.