RISMEDIA, April 19, 2010—Over 10,000 people attended the first day of the Miami leg of a national tour to give struggling homeowners free financial and mortgage assistance. According to Sylvia Alayon of the Consumer Mortgage Audit Center (CMAC), the 5-day Miami event is expected to have a record turnout of over 50,000 people, with many flying and driving in from all over the nation.
“This is the largest crowd I have seen in all the events we have participated in, and it shows that too many homeowners are not getting the relief they need,” said Alayon. “But just look at the homeowners who waited in line for hours and got their interest rate reduced to 2% and their mortgage payment permanently reduced by hundreds of dollars–it’s absolutely worth the wait.”
As part of the 5-day free professional service, the staff from CMAC are conducting forensic mortgage audits, finding violations in homeowners’ mortgages that give them legal standing to re-negotiate or void the entire loan with the lender. Historically, CMAC has found violations in over 80% of their audits, which resulted in saving homeowners from foreclosure and in some cases, the elimination of entire mortgages.
In the past, underwater homeowners have had their mortgage payments permanently reduced, some by over $1,000 a month, often with interest rates reduced to 2% and sometimes a principal reduction of over $100,000.
“These homeowners were involved in complicated mortgages, and it’s a complicated process to find errors,” continued Alayon. “CMAC is happy to provide our professional staff and their expertise to struggling homeowners to crunch the numbers to find the mistakes they would never be able to uncover on their own.”
