Mortgage help draws homeowners to 'Save the Dream'

Hundreds of people lined up Thursday outside the Shrine Auditorium in Los Angeles for a chance to possibly reduce their mortgage payments and save their homes from foreclosure.

Dozens of people lined up before dawn, some even camping out hours ahead of the "Save the Dream" event.

The Neighborhood Assistance Corp. of America, or NACA, has been touring several U.S. cities in the last year, offering free home loan modification assistance.

The group promises to help cut mortgage payments by more than $500 a month with interest rates reduced to 3% or 2%.

Major lenders are expected to attend the five-day event, which is scheduled to run from 8 a.m. to 8 p.m. through June 6.

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-- KTLA-TV (Channel 5)

Photo: People line up outside Shrine Auditorium in anticipation of mortgage event. Credit: Irfan Khan / Los Angeles Times