In the wake of the current mortgage crisis, the Neighborhood Assistance Corporation of America is helping thousands of Americans find some relief. The nation’s leading non-profit organization begins their Save-the-Dream Tour next week with a week-long foreclosure prevention event for Los Angeles homeowners. Hundreds of counselors from NACA–which has contracts with major lending services such as Fannie Mae and Freddie Mac–will help borrowers to obtain affordable mortgage payments. For one Van Nuys family, Save-The-Dream made a happier future possible, “…We left the event with our mortgage lowered by $679 a month. My baby and 2-year-old son will now be able to grow up in our dream home thanks to NACA,” said Taneka Johnson.
The Save-The-Dream Tour has already helped thousands in need with reductions in
interest rates to 3% or 2%. In fact, many achieve a permanent restructure that same day. According to NACA CEO Bruce Marks–who has spoken in front of congress about the ongoing mortgage crisis–they’ve shown “that a permanent modification for tens of thousands of borrowers is possible when you provide lenders with the proper tools and require them to make mortgages affordable.” The same event was attended by thousands of Los Angeles homeowners last year, and this year many people are expected to camp outside the Los Angeles Sports Arena leading up to the January 20 opening.