(WASHINGTON, DC) On Wednesday, July 9th at 10:30 a.m. at the Capital Hilton Hotel, 1001 16th Street, NW, Washington D.C., homeowners who have defeated foreclosure through NACA will join religious, political and community leaders to announce the kick-off of the “Save the Dream” event. Participants at this press conference/briefing will describe this historic event occurring from July 19th – 23rd involving thousands of at-risk homeowners assisted by hundreds of NACA counselors to achieve an affordable mortgage payment solution to save their home.
Among the homeowners at the press conference will be Raquel Harbaugh who through NACA’s Home Save program is now saving $1,220 a month. This Save the Dream event sponsored by NACA, the Neighborhood Assistance Corporation of America, a non-profit advocacy and housing counseling organization will continue NACA’s mortgage restructure solution by saving thousands of additional homeowners from foreclosure by reducing their mortgage rates to 5% and less, cutting the mortgage payments by hundreds and thousands of dollars a month.
NACA Mortgage Consultants will counsel at-risk homeowners and provide restructure solutions to permanently reduce interest rates to affordable payments, and for many homeowners obtain servicer approval within hours. NACA has been the most successful in reducing interest rates to amounts homeowners can afford – often 5% or less – and is setting the standard in foreclosure prevention. NACA provides permanent solutions and offers help, hope, counseling and mortgage assistance – All Free!
Thousands of threatened American homeowners will also meet with their Senators and Congresspersons to demand that they advocate with homeowner’s servicer and/or investor to accept the NACA Restructure Solution. They will demand attention and action from Congress and the Administration. “Millions of Americans are facing foreclosure due to predatory and unaffordable loans that were structured to fail. The only real solution is to reduce the interest rate and/or outstanding mortgage to make them affordable over the long-term.” States Bruce Marks, NACA CEO. “There has been no effective government response and the pending legislation will have virtually no impact in saving the homes for millions of at-risk homeowners.” NACA represents over 500,000 homeowners nationwide and Mr. Marks was recently named “Bostonian of the Year” by the Boston Globe and is recognized as a national leader in the fight against predatory lenders and an advocate for economic justice.
NACA will provide real and effective solutions for thousands of homeowners over five days without the need for a taxpayer subsidy. NACA is doing what Congress, the Administration and many lenders are NOT doing for hardworking Americans at risk of foreclosure.
Zena Collins of Gaithersburg, MD states, “My interest rate went from 10.8% to 4% fixed, I’m still a little stunned that NACA was able to cut my mortgage payment by almost $900 a month. I advise anyone who has an unaffordable mortgage to take advantage of NACA’s Save the Dream Event in Washington, DC.”
- When – July 19 through July 23rd from 9:00 a.m. – 9:00 p.m.
- When – Capital Hilton Hotel, 1001 16th Street, N.W.
- Contacts: For additional information or to schedule an interview contact DDuarte@NACA.com or call 617-250-6222 ext 208; (Cell) 617-947-2632. Also visit NACA’s website at www.naca.com.
- Homeowner Participation – At-risk homeowners are encouraged to sign-up for an appointment on our website at www.naca.com. Walk-ins are also welcome.
Below are a few examples of a few of the thousands of at-risk homeowners NACA has restructured with major servicers in the Washington D.C. Virginia and Maryland area.
|Felicia Meadows Washington, DC Old 10.825% New 5% Monthly savings $406||Wallace Angel Springfield, VA Old 9.99% New 6.0% Monthly savings $669.11||Edgar & Chris Trivett Manassas, VA Old 11.875% New 5.250% Monthly savings $759|
|Elizabeth Hill Forest Hills, MD Old 9.04% New 5.25% Fixed Monthly savings $400||Pradeep & Archana Karmacharya Chantilly, VA Old 8.75 New 3% Monthly savings $2,200||Glen & Raquel Harbaugh King George, VA Old 9.69% New 2.5% Monthly savings $1,220.88|
|Cheryl Goldstein Springdale, MD Old 8.38% New 5.5% Monthly savings $340||Keith Dennis Richmond, VA Old 7.85% ARM New 3.5% Fixed Monthly savings $564.93||Keith Dennis Richmond, VA Old 7.85% ARM New 3.5% Fixed Monthly savings $564.93|
|Zena Collins Gaithersburg, MD Old 10.8% New 4% Monthly savings $885||Keion Reynolds Manassas, VA Old 10% New 5.2% Monthly savings $1,000||Ayele Tettekpoe Dumfries, VA Old 6.99% ARM New 6.0% Fixed Monthly savings $124.35|
About the Neighborhood Assistance Corporation of America (www.naca.com)
NACA, a national non-profit, community advocacy and homeownership organization established in 1988, has been the lead organization in the fight to identify, expose, and oppose predatory and exploitive lending practices. NACA was the first to expose Fleet Bank’s lending abuses in 1991, and followed with numerous other campaigns against companies that victimize low and moderate income people pursuing the dream of homeownership.
NACA provides the best purchase product to those who the industry considers “subprime borrowers” -requiring no down payment, no closing costs, no points, no fees, no perfect credit, at below market interest rates – currently 5.625% (30 year fixed as of 7/2/08). NACA homeowners who the lending industry considers to be “subprime” have excellent payment records and are now considered prime borrowers. NACA has $10 Billion committed to this mortgage program. With almost 40 offices across the country, NACA is providing working people with an unmatched program and a national model for doing mortgage lending the right way.
NACA has established the national model for providing homeowners at risk of foreclosure with long-term solutions through its Home Save Program. NACA has committed One Billion dollars to refinance homeowners on the best terms available and is working with some of the nation’s largest lenders to rewrite unaffordable loans based to what the borrower can afford. NACA has negotiated a legal, binding agreement with the country’s largest mortgage servicers/lenders including Countrywide Financial and Citigroup, Inc., enabling NACA to restructure their loans into long-term affordable mortgage. Many homeowners have been able to restructure their mortgages with fixed interest rates of 5% or less. Other major lenders/servicers are following the NACA pattern, establishing the NACA solution as the national standard.
News of NACA’s program and advocacy has been featured in national and local media. The Boston Globe has chosen Bruce Marks, founder and CEO of NACA, as its 2007 Bostonian of the Year. This is tremendous recognition for the effectiveness of NACA’s advocacy and for providing real, affordable homeownership solutions for working people.