http://66.225.205.104/LM20091204.mp3
A few thousand people attended the Neighborhood Assistance Corporation of America event in Charlotte yesterday to try to stay in their homes. Another 35,000 are expected before the tour ends Monday. WFAE's Lisa Miller has more. Many people showed up at the former Charlotte Merchandise Mart yesterday because they heard about the Save the Dream Tour through friends and co-workers who had their home loans restructured with NACA's help. The non-profit has legally binding contracts with all of the major lenders to help people lower their interest rates and often reduce their monthly mortgage bills. Cedric Lockhart bought a home in Monroe three years ago with an adjustable rate mortgage. But the payments became too much for him to afford. Lockhart left the event yesterday after fourteen hours pleased with the outcome. "I've been going through this process with Bank of America for about 8 months now and they've been refusing me, saying 'We can't do it. We can't do it,'" says Lockhart. "Just so happens I heard about NACA through a mutual friend at work saying, "Why don't you come on down.'" So I come from an 8.49 percent interest rate to a 6.25" NACA says about a quarter of the people who attend the tour leave the same day with a restructured loan. The group estimates 80 percent have some resolution within 6 weeks. The Save the Dream Tour has stopped in twelve cities over the last year and offers homeowners budgeting sessions with NACA counselors and face-time with lenders.