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Mortgage Restructuring Specialists Helping Underwater Oakland Residents This Weekend

OAKLAND (KCBS)— Oakland city leaders are encouraging residents to take part in a free five-day event starting Thursday aimed at helping homeowners avoid foreclosure.

The American Dream Event is put on by the Neighborhood Assistance Corporation of America (NACA) and is making its way to the city for the first time.

NACA Chief Operating Officer Detria Russel said the event takes place Thursday through Monday from 8 a.m. to 6 p.m. at the City Center Marriott.

"Our focus is to help homeowners who are struggling with an unaffordable mortgage payment. The American Dream Event will be that opportunity for them to sit face to face with their lender and walk out with the same day solution," she said.

Oakland Homeowners Get A Chance At a More Affordable Mortgage

At a kickoff event at City Hall, Oakland resident Eva Whitmire said she worked with NACA to bring her $3,300 mortgage payment down.

"Now it's $1,900 a month. That's including insurance and taxes. I want to let everyone know that it does work," she said.

Oakland City Council Member Lynette Gibson McElhaney said it's critically important to have these housing counselors work with family.

"Our region was one of the most devastated around the country because of the predatory practices of unscrupulous lenders," said McElhaney.

Walk-ins will be accepted at the Marriott event, but NACA recommends pre-registering.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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