Homeowners Struggle with Unaffordable Mortgages
Hundreds of homeowners at the American Dream Tour gathered outside the Los Angeles Convention Center on Thursday to protect their homes from foreclosure.
The Neighborhood Assistance Corporation of America (NACA) is helping homeowners make modifications to their high priced mortgages.
NACA has established a contract with major U.S. banks, promising that lenders will lower the monthly payment if homeowners can verify that the mortgage was set up for failure.
Because people cannot pay off their mortgages, they are losing their jobs.
For L.A. residents, this is their last chance to protect not just their homes but their way of life.
New home sales in 2011 were the worst yet, and most existing homesales were made off of foreclosures.