NACA is a nonprofit organization that helps people prevent foreclosure and stay in their homes with the help of federal grants. They are touring the country to promote their services in an event called the Save the Dream Tour. The organization is proud to have assisted 80% of the families who have requested help with their mortgage or foreclosure.
Some options for reducing a monthly mortgage payment include permanently lowering the interest rate, changing the loan terms, or reducing the principal balance. The Neighborhood Assistance Corporation of America Save the Dream Tour offers free services and workshops to the public. Counselors can help you by providing support, advice, and guidance. They can also help you to explore your options, identify your goals, and develop a plan to achieve them. What they have discovered is that lenders are foreclosing on massive numbers of people, but when they meet with a homeowner, work hand in hand with them, look them eye to eye, this changes their perspective and the results.
This means that there are many different types of assistance available to those in need. Some examples of assistance include: food stamps, Medicaid, temporary housing, and utility assistance. In Chicago, over 20,000 homeowners have reduced their monthly mortgage payments by $200 to $1,700. One homeowner’s interest rate was reduced from 12.2 percent to 2.3 percent, which reduced their monthly payment from $1,345 to $752. Additionally, NACA can extend the length of the loan and lower or eliminate payments that are delinquent. Oftentimes, they can lower the interest rate down to 4%, 3%, or even 2%. They can also help lower the amount of money the homeowner owes to a amount that is based on what the homeowner can afford. The goal of this type of assistance is to help families keep their homes by modifying and/or restructuring their home loans and reducing their mortgage interest rates. Many lenders offer long-term solutions that are based on the standards set by this solution. NACA has made agreements with most major banks, lenders, and mortgage servicers, which cover 90% of at-risk homeowners. This allows them to offer mortgage assistance to homeowners. The Save the Dream Tour provides an opportunity for people to come together. Where is the Neighborhood Assistance Corporation of America Save the Dream Tour going next?