Wednesday, April 28, 2010

NACA "Save The Dream Tour"

The Neighborhood Assistance Corporation of America will be holding a "Save the Dream Tour" at McCormick Place in Chicago on May 13-19, 2010. Over 300 counselors will be available to help at-risk homeowners reduce their mortgage payments by $500 to $1,000 per month or 2% to 3% off their interest rate. Servicers/lenders will provide hundreds of on-site personnel to help reduce your monthly mortgage payment and approve your NACA solution. See


JP Paulus said...

Just a word about NACA...they put a lien on your house for several years. So if you default, the house goes to them, among other things.

If you know you want to live in your house for 20+ years/keep it in the family, this could be a good option. But it is NOT for everyone. Certainly worth checking out, however.

William said...

First of all if a borrower defaults on their loan, the bank has the right to foreclose on the property. Then the bank will own the property. This whole process that JP Paulus spoke on erroneously, is referring to NACA's purchasing process, which has nothing to do with the NACA "Save the Dream Tour"

In the the NACA purchasing process the lien is there to keep you in the property in the event that you do default on the loan. That way your lender can't just foreclose on you without going through NACA first. The NACA purchasing process is to help you get into a home with an affordable payment in the first place. Now, if for some reason you find yourself in a situation where your mortgage is no longer affordable, NACA has put some other things in place to help you stay in the home.

William said...

The NACA "Save The Dream Tour" is about helping home owners who are struggling with their mortgage payments for whatever reason, get into a fixed rate at a lower interest, for the life of the loan. There is no such lien involved with the "Home Save" process at all.