The Neighborhood Assistance Corporation of America (NACA) is out on tour.
NACA is a homeowner advocacy group that uses sometimes controversial tactics to keep people in their homes. Recently NACA decided to start a national tour. Meeting in cities across the US, NACA offers free counselling sessions for homeowners who are being threatened with the loss of their homes.
Armed with financial information, homeowners meet with counselors who help them figure out how much of a housing payment they really can afford. Then, on the spot, the homeowner meets with a bank representative who has the authority to permanently restructure the loan to make it more affordable.
Sometimes this means lowering the rate; sometimes the amount of the principal is decreased; sometimes both are done. But whatever the solution, it is for the life of the loan.
NACA cannot help everyone. But for those who have had their loans restructured, it has allowed them to keep their homes.
To see if NACA will be in your area or to get more information, go to www.naca.com.
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