The event runs through Monday night 8am to 8pm. Thousands are expected to attend, all coming with the hope that they would find help to keep their homes.
"When you don't have the foundation at home, everything else falls apart. Work, marriage, kids everything," said Arzum Sanchez.
It's been a tough run for the Sanchez family who are struggling to pay their mortgage. It has been uncertain for their future.
"We built a dream home, family got larger, market crashed, I work as a realtor in our area and life just got really hard," Sanchez said.
They arrived at the Pennsylvania Convention Center with hope, and they left with a solution, saving $1400 a month.
The five day event by the non-profit Neighborhood Assistance Corporation of America helps homeowners and banks work out deals on their mortgages.
"Everybody who comes in has tried and failed with their lender over the phone. So it's really a unique opportunity to sit face-to-face with your lender and have a NACA negotiator to advocate for that solution," said Bruce Marks.
Organizers say there's about a 50% success rate at these events. The goal is to restructure the existing mortgage by permanently reducing the interest rate to achieve an affordable payment
."It's one of those things that sound too good to be true, but it is the reality. And everything is free," said Marks. "Homeowners have everything to gain, and nothing to lose."
Anita Smith heard of NACA through a friend, and is leaving saving almost $1,000 a month.
"I feel like I can breathe a little easier. A lot easier actually," says Anita Smith.
"It's nerve-wracking, especially for children," said Pablo Sanchez. "They wonder where we are going next. Right now, we're not going anywhere."
Drop ins are welcome, though organizers do prefer you pre-register. For a list of what you need to bring and the pre-registration information, see the link below.
What to bring for Foreclosure help:
• Proof of income from the last 30 days
• If you're self-employed, bring six months of bank statements
• Also bring your latest mortgage statement, your property tax bill and your homeowners insurance.
