Loan Modification Program that’s Free-NACA

I am re-publishing this article as I see the need is extreme and I continue to hear positive results coming from this group.  Please consult their website for current events.  The link is below.  Best of luck.  Megan McGinnis

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I just discovered this loan modification program that’s free yesterday when a realtor told me about it.  I would like to get the word out as quickly as possible as they are hosting an event at the LA Convention Center Saturday, October 31, 2009.  It seems they are regulars at this convention center and others across the country as they have a nationwide network of offices.  NACA, which stands for Neighborhood Assistance Corporation of America, is a non-profit advocacy group, that does not charge homeowners for their services.  Rather, they charge the banks $500 per successful modification.   If you can’t make today’s event check their website for future dates and locations as they operate nationally.

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You’ll need to bring all your paperwork with you as the modification is done on the spot with bank representatives being present as well.  Lines are long so be prepared to wait all day but it’s worth it for many.  With real, documented hardship, families are able to keep their homes with lower monthly payments, lower interest rates and sometimes lower principal. Visit their website to get registered and to get the list of required documents.

NACA’s website

The LA Convention Center Event Details

In addition to having a free loan modification program this group is also helping families get qualified for their first home purchase including getting them their first loan.  Current rates are 4.5% for a 30 year fixed (as of 10/27/09) with no down payment and no closing costs.  They will only put you in a loan you can truly afford.

NACA Mortgage Information

I believe this is a good group to follow and I’ll be watching them.  If you have any experience with NACA, please add your comments here.  Good luck!