Distressed Homeowner Assistance

by Free Speech on February 10, 2009

Lodi, WI~

Lodi Valley News serving Lodi, WI & the Lake Wisconsin area with local information since Earth Day 2008.

As the wave of foreclosures continues to inundate our country, there may be some relief available through an organization based in Boston, MA. The Neighborhood Assistance Corporation of America or NACA is a HUD certified counseling agency. NACA has, to date, lent out over $10 billion to troubled homeowners. Their current “Save the Dream” campaign is aimed at assisting homeowners with mortgage troubles, while holding financial institutions using questionable lending practices responsible for their actions.

NACA is a non-profit advocacy organization that began in 1988. Founded by CEO Bruce Marks and headquartered in Boston, the organization maintains more than 30 offices nationwide, including Milwaukee, Minneapolis and Chicago.

The goal of NACA is to provide homeowner assistance through refinance of existing mortgages. These new mortgages are low-interest, no closing cost loans, usually at or below prevailing market rates. Additionally, the organization will provide clients with the necessary financial and credit counseling to them gain a toehold on their own finances.

Utilizing a unique “character-based” lending philosophy, NACA works with homeowners to create refinancing packages which they can afford. Character-based lending realizes that individuals’ credit scores are only one piece of the puzzle. Creating financing based on the owner’s ability to repay the loan is equally important.

Best of all, these services are free to non-investor, owner-occupied homeowners. Sound too good to be true? It’s not. NACA was featured on “Good Morning America” Tuesday, February 10. As the mortgage crisis continues to grow, so do NACA’s plans for additional offices-at least 20 across the country within the next 18 months.

Want to know if it’s right for you? The first step is to check out their website: www.naca.com. If you like what you see, attending one of their workshops is the next step. Upcoming workshops include: Racine-2/14/09, Milwaukee-2/21/09 and again in Milwaukee-3/7/09. Check the NACA website for details.

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