Attempting to avoid foreclosure? The Neighborhood Assistance Corporation of America (NACA) has been assisting at-risk homeowners do just that via their “Home Save Program” and their touring “Save The Dream Program” events.
Home Save Program
The “Home Save Program” is touted as “…the most effective solution for homeowners with an unaffordable mortgage”. HSP restructures the existing mortgage, rather than refinances it. So, no new loan eligibility, such as a high credit score, high property value, etc. are required.
HSP lowers the interest rate, the mortgage principle, or both. If the homeowner is unemployed and not able to make payments, NACA provides forbearance with a minimum payment until they homeowner again has steady income.
NACA claims to have legally binding agreements with all major lenders and loan servicers to cover over 90% of homeowners.
Save The Dream Program
NACA’s traveling “Save The Dream Program“roadshow brings major lenders and loan servicers into convention centers across the country to meet with homeowners facing home foreclosure. At risk homeowners are invited to attend and talk with the lenders to discuss solutions to their specific situations.
From the NACA website, they claim that “Thousands of homeowners received same day solutions having their mortgage payments permanently reduced by over $500 and many more by over $1,000 a month with interest rates reduced to 3% to 2% and sometimes a principal reduction.”
It’s such a popular event, people camp out overnight to get first crack at the lenders.
But, just attending an event does not in itself guarantee you’ll walk out with a solution. It’s really on a case-by-case basis.
NACA suggests that you do an audit of your mortgage documents to check for violations. Why? They indicate they have found violations in over 80% of the audits…which have resulted in foreclosures being overturned…and some being eliminated entirely.
The next “Save The Dream Program” event is scheduled to be in Sacramento, CA, from October 8th, 2010 through October 12th, at the Cal Expo Pavillion. (Recent media coverage)
About NACA
NACA is a non-profit advocacy and HUD-certified counseling agency. All NACA services are free.
As always, SCO recommends homeowners check with their attorney, CPA, etc.