Palm Beach Begins Mortgage Modification Marathon

If you are one of the hundreds of thousands of homeowners in America that wants or needs a mortgage modification to stay in your home, you may want to make the trek down to Palm Beach this weekend.

The Palm Beach Convention Center already has thousands of people lined up outside its doors as the Neighborhood Assistance Corporation of America, or NACA, is holding a workshop-type event aimed at helping people modify their mortgage to more favorable terms before they are forced to go through a foreclosure. Despite the rain and inclement weather, these thousands of people are either desperate or dedicated to making something work so they are not forced to just walk away from their homes.

The event at the Palm Beach Convention Center is scheduled to last for five days and troubled homeowners from across the country are showing up as a last ditch effort to save their homes. People are coming from California, Detroit, Pennsylvania and many other of the hardest hit areas to see what their options are in terms of modifying their mortgage and getting some financial help from trained counselors.

When they speak with a counselor, they will find they have several options for mortgage modifications as long as they qualify. For one thing, they can change their mortgage terms from an adjustable-rate mortgage to a fixed-rate mortgage with a lower interest rate. This will make their payments more stable and predictable and even lower the monthly payments to ease the financial burden. Others may choose to extend their 30-year loan to a 40-year loan which is becoming very common in the mortgage modification market. This 10-year extension means paying more in the long run, but the monthly payments will be less.
If you or someone you know could benefit from a mortgage modification and you qualify for one, why not check out the Palm Beach Convention Center this weekend? The event is running until Tuesday, August 31st in West Palm Beach, Florida. If you cannot make the trip, contact your mortgage lender for more information about a mortgage modification. It only takes a few minutes and you’ve really got nothing to lose.