360 housing finance experts and 200 bank representatives are heading toward the Bay Area to help save homes and prevent foreclosures. Richmond’s Craneway Pavilion is a stop on the Neighborhood Assistance Corporation of America’s “Save the Dream tour.”
NACA is a non-profit, hud certified counseling agency that has negotiated agreements with some of the largest home loan servicers- B of A, Well Fargo and Chase. They hold “one-stop” events where homeowners work with a housing counselor and a loan servicer to try to reach a solution in one day.
Here is an excerpt from an SF Gate Article about the coming event:
‘”We get the job done for the individual homeowners,” Marks said. “We have legally binding agreements with every major servicer - Wells, Bank of America, Chase. We do an orientation for about 500 homeowners at a time, then they meet with individual (NACA) counselors; they bring all their documentation and we scan it in. We determine what payment they can afford, then we submit their file to their servicer. The homeowner goes to meet with their servicer, who’s right next to the counseling area; the servicer says, ‘Here’s your solution.’ ”
Marks said attendees typically end up with affordable mortgages fixed for 30 years at low interest rates - sometimes as low as 2 percent - and often with a principal balance reduction.’
To read the full article click here.
Below is an ABC News TV report on NACA:
Here is an NPR Radio report on NACA:
(Editor’s note: We have replaced the original 2009 report with a more recent NPR report about NACA.)
If you go, you’ll need: pay stubs or records showing 30 days of income; recent mortgage statement; documents showing amounts paid in real estate taxes and homeowners insurance; and a hardship letter explaining the reason mortgage restructuring is needed.
Registration is not required, but those who sign up in advance and submit documentation online will see counselors first. To register visit www.naca.com.