August 25, 2019

NACA Mortgage-Modification Seminars Help Homeowners Avoid Foreclosure

As pay cuts continue to take place and homeowners are faced with multiple other financial burdens, more and more people are having difficulty making mortgage payments. With so many problems coming together quickly, thousands of homeowners are attending mortgage-modification seminars organized by the Neighborhood Assistance Corp. of America (NACA) which matches borrowers with lenders.

Last week in Palm Beach, a five-day mortgage-modification seminar called “Save the Dream Tour” took place, intending to match borrowers nationwide with loan counselors and lenders in an attempt to discuss affordable mortgage terms and avoid foreclosure. Many homeowners owe more on the mortgage then their home is even worth. This is true for over half of all Florida homeowners. Loans by Neighborhood Assistance Corp. of America (NACA) are made based on how much the borrower can afford to pay rather than what the value of their home is.

Some homeowners were able to get their mortgages modified instantly after negotiating with representatives from Bank of America, IndyMac, Litton, GMAC, Wells Fargo and other lenders that attended the event. NACA had negotiated agreements with most these major lenders to offer modified mortgages with interest rates as low as 2 percent. If the modified loan also includes a deferral of principal, which means that part of the loan balance is not paid, then the borrower is not responsible to repay the balance unless the home is sold for a profit.

Florida, with the highest statewide home mortgage foreclosure rate in the country, has 13.4 percent of its homeowners in foreclosure. The event was valuable as it allowed lenders and loan counselors to see the faces behind the dismal statistics and sad stories of layoffs, reduced hours, tough loan terms, and difficult times.

NACA has been working hard to prevent foreclosure by holding similar events nationwide for almost two years. NACA is also one of the largest housing counseling agencies, whose counseling services are funded by the federal Department of Housing and Urban Development.

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