This Thursday kicks off the American Dream Event, a free, five-day financial fair for homeowners who are looking for ways to lower their monthly mortgage payments and for homebuyers who want to take out a loan.
Hosted by the nonprofit Neighborhood Assistance Corporation of America, the event is part of a nationwide series happening in 120 cities. NACA is the largest foreclosure prevention program in the United States and has helped 300,000 people save their homes since the program was started in 2008.
Homeowners who attend can talk with one of more than two hundred mortgage counselors and representatives from major banks like Bank of America and Wells Fargo, who will be on hand to offer advice and to make adjustments to their loans. The idea is that a homeowner can sit down with one of NACA’s mortgage counselors and evaluate their financial situation and then go directly to their lender to refinance their loan and lower their monthly mortgage payments. Darren Duarte, a NACA representative, says that 55 percent of attendees leave the event with a lower monthly mortgage payment and that the average homeowner saves between $500 and $1000 a month on their monthly mortgage.
NACA will also hold workshops from 9am-12pm and 1-4pm for people who are interested buying homes. NACA offers mortgages at a 3.8 percent interest rate.
There will also be mortgage assistance for homeowners who have lost their jobs. People who have lost their jobs may qualify for up to $36,000 in subsidies annually to pay their mortgage, thanks to the federally funded program Keep Your Home California.
This is the first time NACA has held the American Dream Event Oakland.
The event takes place 8am-6pm Thursday, October 17 through Monday October 21, at the Oakland Marriott City Center, 1001 Broadway. To find out more information about what documentation to bring visit naca.com and sign up by clicking “Oakland”. You can also call 1-888-499-6222.