NACA, the Neighborhood Assistance Corporation of American is doing the seemingly impossible: getting lenders to accept loan modifications on defaulted mortgages. Foreclosure victims rarely get the attention of their lender before it’s too late.

However, with NACA representatives in their corner working out a payment the borrower can make and then communicating that to the lender was the missing piece of the puzzle…or so everyone hopes.

Over the weekend, in Washington D.C., thousands of foreclosure victims showed up at the Capital Hilton Hotel to get NACA’s free assistance.

NACA CEO, Bruce Marks said,

“”We believe in practical solutions, not government bailouts and political posturing. At the ‘Save the Dream’ event we will obtain an immediate approval from many lenders to restructure loans to what homeowners can afford. NACA has established the national standard by getting lenders/servicers to reduce the interest rate to an affordable payment for thousands of owner-occupant homeowners. We will help people in need — free. We will also challenge Congress, the administration and regulators to press the lenders and investors to make the mortgages permanently affordable.”

We will have to wait to see if the lender’s are truly more responsive to permanently affordable loan modifications coming from NACA instead of the borrower acting solo.

I sure hope so…

There is talk of taking these assistance meetings on the road, so check out NACA’s website for updates at naca.com

Here’s a video about NACA…enjoy!


Good Luck!

UPDATE: July 24, 2008

The Washington Post today is reporting the NACA event is a great success. It seems many of the lenders are responding favorably to the restructuring they propose on behalf of the borrowers. Many are getting approvals for rate decreases in 2 hours! This from lenders who previously denied the same request from the borrowers alone just days or weeks before.

The Comptroller of the Currency, the regulator who now owns IndyMac Bank, and all their defaulted mortgages, attended saying they would halt all foreclosures on those loans obviously impressed with NACA’s efforts.

This is the best news for foreclosure victims since this whole crisis started 3 years ago.

Hurray for NACA!

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