NACA – Neighborhood Assistance Corporation of America
The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.
Started in 1988, NACA has a tremendous track record of successful advocacy against predatory and discriminatory lenders as well as providing the best mortgage program in America with $10 billion in funding commitments. NACA is the largest housing services organization in the country and is rapidly expanding by growing its existing 30+ offices, headquartered in Boston, MA, opening many new offices nationwide, and expanding the services it offers its membership. NACA’s confrontational community organizing and unprecedented mortgage program have set the national standard for assisting low- and moderate-income people to achieve the dream of homeownership.
NACA’S HOME SAVE PROGRAM – OVERVIEW
The mortgage crisis is the result of unbelievable greed and exploitation by Wall Street and the largest financial institutions. While the major lenders in America and the world try to blame the homeowners, it is clear that they provided mortgages to working people that were structured to fail.
NACAs Home Save Program is nationally recognized as the most effective solution for homeowners with an unaffordable mortgage providing such solutions nationwide as the largest such organization. The NACA solution is to restructure the existing mortgage by permanently reducing the interest rate to achieve an affordable mortgage payment. A mortgage restructure is not a refinance that requires eligibility for a new loan (i.e. high credit scores, high property values, etc). Since a restructure reduces either or both the interest rate and/or mortgage principal on the existing first mortgage, there are no mortgage criteria eligibility restrictions. If the homeowner is unemployed NACA provides a forbearance with a minimum payment until that have steady income to have their mortgage restructured.
NACA has legally binding agreements with all the major lenders/servicers covering over 90% of homeowners to achieve to a restructure or forbearance and is advocating against others. All of NACA’s services are Free.
NACA has developed a streamlined process to best assist you including working with a dedicated NACA counselor. You need to complete the Homeowner Submission, attend a NACA Workshop and meet with your Mortgage Consultant. If you are beginning the process take the first step by attending a workshop now.
For more information on NACA’s Home Saver Program, follow the links below.