Stop Foreclosure Answer

In my last post I gave you an overview of the Home Save Program of the Neighborhood Assistance Corporation (NACA).  This is one of the most structured programs I have seen to help people facing foreclosure save their homes.  Not only do they have a well developed counseling program to help determine how much of a monthly mortgage payment a person facing foreclosure can make, they also have a negotiator negotiate this with the person’s mortgage company.  To aid in the process they have binding agreements with most of the mortgage companies.

Even though this program is very good,  it can be quite awhile from the time a person attends one of their workshops and meets with one of their counselors till they are notified that their mortgage company has agreed to modify their loan and to accept the lower monthly payment negotiated by NACA.  It looks like NACA was looking for a way to shorten that time.  They apparently found it in their Save The Dream Tour.

Let Me Tell You About It

 Earlier this year NACA started a nationwide tour.  They named it their Save The Dream Tour.  They reserve a major convention center or arena in a city for 4 or 5 days.  As many as 500 of their staff or volunteers descend on that convention center or arena for those 4 or 5 days.  They set up tables where they meet and work with people facing foreclosure.  In advance people sign up to meet with a NACA counselor.

When NACA arrives in the city, the people facing foreclosure bring their financial information.  This includes a list of all of their assets and debts.  They also bring their pay statements, mortgage statement and information on their real estate taxes and home owner’s insurance premium.   The NACA counselor works out a budget with them on the spot.  This shows how much a monthly mortgage payment they can afford to make.  Representatives from most of the mortgage companies attend these events.  They are normally in a different room and have the power to review the budget created and accept the reduced payment or negotiate a different one for their company.  This is done on the spot.  Normally the person facing foreclosure goes home knowing what their new monthly payment is.  They just have to wait for written confirmation of it from their mortgage company.

What Normally Takes 60 Days or More Is Done In a Few Hours 

When you think about it, NACA is able to do in several hours at these events what has been taking a very long time elsewhere.  That is outstanding.  Are there problems?  Sure there are. 

First – many more people show up for one of these events than NACA can adequately handle.  They may be able to handle 5,000 in each city.  When people facing foreclosure learn from a relative or friend that NACA is in the city and what their counselors are able to do, they show up unannounced.  The NACA representatives will work with as many people as they can while they are in the city.  However, they can not get to everyone and some go away disappointed.

Second – There have been instances where people facing foreclosure have been told that their mortgage company has agreed to accept a lower monthly mortgage payment only to find out afterwards that their company did not.  It looks like this happened more frequently at the initial events held by NACA.  NACA representatives have been working to resolve these.

Over 180,000 People Facing Foreclosure Show Up Thus Far

Yes, you read that right.  NACA estimates that over 180,000 people facing foreclosure have shown up for help at their events so far.  After pilot events in Columbia, South Carolina and Stamford, Connecticut, NACA took its Save The Dream Tour to Cleveland, Chicago, St. Louis and Atlanta.  While NACA was in these cities, their representatives helped as many of these people as they could.

This fall NACA’s Save The Dream Tour will be in the following cities:

• Los Angeles, CA – 9/24 to 9/28
• Phoenix, AZ – 10/2 to 10/5
• Las Vegas, NV – 10/9 to 10/12
• Oakland, CA – 10/16 –10/20

They are also looking at visiting the following cities but no dates have been set yet:

• Tucson, AZ
• Jackson, MS
• Denver, CO
• Southern Florida

If you are facing foreclosure and live near one of these cities where NACA’s Save The Dream Tour will be, you might want to check it out.  Go to their website, https://www.naca.com/index_main.jsp#, and click where it says  “Click here for other participating cities and more information.”  I also invite you to check out my EBook.  This has much information about the foreclosure process and the steps you can take  to save your home form foreclosure.  You can get more information on it by clicking Stop Foreclosure.

Much Success,

Mark Elkins