1,000 turn out to Elgin home ownership seminar

You would've thought Billy Joel came to play Elgin's Hemmens Cultural Center Saturday morning.

However, the more than 1,000 people that packed the house weren't there to be entertained, but to learn how to hold onto their most valued possession-their homes.

The free "Save the Dream" workshop, sponsored by the United Realtors Association and nonprofit Neighborhood Assistance Corporation of America, was divided into two parts: a "home save" program assisting at-risk homeowners with restructuring their mortgages, and a "purchase" program to help individuals net the best mortgage possible when buying a home.

Presentations were given in both Spanish and English, with more than 600 individuals attending the Spanish seminar and about 400 at the English program.

As part of the "home save" program, homeowners who had successfully restructured their mortgages gave testimonials about how they did it.

Araseli Cabral, a Realtor from Huntley, said through NACA counseling, she went from having two mortgages totaling more than $400,000 to one for $302,000. Her new 40-year fixed interest rate is 3.375 percent, and monthly mortgage payments were reduced by $1,300.

"I watched a number of my clients go through the process," Cabral said. "I figured why not try it myself."

Herbert Garcia, a United Realtor and one of the event organizers, said this was the first time the program was held in Elgin.

"We had one in Carpentersville last November," he said, "But the venue didn't have enough room and a lot of people got turned away."

Nancy Villacorta, one of the NACA counselors presenting at the Spanish seminar, said she sees many area Hispanic residents abandon their homes before they have to, confused with the foreclosure process because of the language barrier.

"Stay in your home and start unpacking is the first thing I tell them," she said. "They shouldn't be giving up so easily; we can file motions to extend their time."

The "purchase" program outlined 10 steps to buying a home, starting with attendance at a homebuyer workshop, and finishing off with post-ownership counseling.

Tasha Long, of Montgomery, sat through the seminar taking notes while her four children, ages 11 through 2, colored in folding chairs nearby.

Long and her husband have spent the last few years in a lease purchase, and are now looking to buy. "We're paying money into the property but still don't own anything," she said.

"I looked online and thought, 'Let's try it. What do we have to lose'," she added. "I just told my kids, 'We're going to an important meeting today. Be good'."