Los Angeles Loan Mod Event

Over 50,ooo homeowners are expected to attend an event at the Los Angeles Convention Center, hoping to receive assistance on their mortgage loans. The five-day event was organized by Neighborhood Assistance Corp. of America is free. Counselors at the event will be scanning attendee's morgage documents to nearly 2,000 on-site serviceers and lenders, who will work to negotiate a better loan. The event is being funded by federal grants and is said to cost close to $1 million.

Obama Promoting Refinancing

Many homeowners are looking for ways to make their mortgage more affordable, with interest rates resting at 5% this is one of the best times in recent history to refinance. These low rates are mostly due to Obama's push to keep interest rates low and give homeowners an opportunity to jump back from the economic down turn. Although not everyone qualifies for that 5% rate there are plenty of options out there to lower the monthly payment.