It attracted thousands of hardworking people, who are hoping they'll get a second chance with their banks.
"I''m 59 today, and i'm working 3 jobs," said Joanne Defeo.
"I'm exhausted and running like a maniac, and i'm working, working working for a house. It's insane."
Joanne has a prayer.
She wants to stay in her Long Island home, but with a sizeable mortage and an interest rate of 8.75 percent, she's struggling.
She's one of 20-thousand expected to show up at the Javits Center for a 5 day event sponsored by the non-profit NACA: the Neighborhood Assistance Corporation of America.
"Now, we're seeing a lot more principal reductions, where the banks are reducing the principle by $50 to $100,000 or more," said NACA founder and CEO Bruce Marks.
He says his organization is the middle man between struggling homeowners and the banks, who have set up shop in a 100-thousand plus square foot event space.
They're helping to cut through the red tape.
"I'm assuming the banks are here because theyd rather have people in their homes making payments than having the home go into forecllosure," said Marks.
"Absolutely, it makes good business sense."
As for Joanne Defeo, her prayers were answered Saturday.
The interest rate on her mortgage was reduced to 2.7 percent, saving her $1500 a month.
No more corn flakes for dinner.
"We're talking about the ability to stay in our home. We were thinking about moving, said DeFeo."
But now she won't have to.
The event will run Sunday and Monday from 8 a.m. to 8 p.m.
There's no fee, but you have to bring paperwork and documentation.
You need to submit the following documents by fax, electronically or bring them to your meeting with your Mortgage Counselor.
The most effective and fastest way to assist you is to submit the documents into your electronic file by any of the following three options:
a. Personalized fax cover sheet that has your Member ID and faxing to 1-877-Fax-NACA (1-877-329-6222)
b. Personalized email;
c. Your computer
Required Prior to Phone Counseling Appointments:
(For face-to-face meetings in a local NACA office, you can bring in the documents you were not able to submit electronically)
• Income Verification:
• Employment Income (paystubs - most recent 30 days)
• Self-employment (bank statements – last six months)
• Completed Web-Submission
• Tax Returns – 2010
• Authorization Agreement – signed electronically in Web-Submission or signed fax Required Prior to Obtaining an Affordable Solution from Your Servicer:
• Tax Authorization - form 4506T-EZ or 4506T
• NACA Participant Agreement – signed electronically in Web-Submission or signed fax
• Hardship Affidavit – signed through your Web-File after file submitted to Servicer
• Dodd-Frank Certification – signed electronically or signed fax
• HAMP Opt-Out – signed electronically or signed fax
Recommended if Available (not required unless requested by Servicer):
• Mortgage Statement (most recent month available) for first and second mortgage
• Property Tax Bill (most recent month available)
• Homeowners Insurance Bill (you can obtain from your insurance agent)
• HOA (Homeowners Association) Statement
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