(Washington, D.C.) On Wednesday February 18th at 10:00 a.m. at the National Press Club in Washington D.C., NACA, a national nonprofit advocacy and HUD certified counseling agency, will join with the country’s major lenders/servicers and investors to announce a partnership that implements the Mortgage Restructure Solution (“MRS”). The MRS is the most effective long-term mortgage solution for at-risk homeowners because it permanently reduces the interest rate to as low as 3% and if necessary, reduces the outstanding principal based on what the homeowner can afford.
Every major lender/servicer in the country has signed on to the Mortgage Restructure Solution servicing over 90% of the market. The MRS has become recognized as the most effective solution for at-risk homeowners. It is a permanent answer that encompasses the well-established standard for conventional mortgage lending: the mortgage payment is locked in for the remaining term (less than 30 years) with a payment based on what the homeowner can afford.
All the services provided by NACA and the lenders are free for homeowners obtaining the MRS. In addition, this does not involve a taxpayer bailout. The NACA Mortgage Restructure Solution has been the one-bright light for at-risk homeowners. It addresses the mortgage crisis in a fundamental manner by keeping homeowners in their homes with a long-term affordable solution, a return to the investor while avoiding costly foreclosure expenses, and a one-time scalable solution for the servicer. “We appreciate the partnership with these lenders,” states Bruce Marks, NACA CEO. “The goal is to meet the needs of the millions of at-risk homeowners and to provide a standard in addressing this mortgage crisis. We are looking forward to implementing the MRS nationwide and providing the administration and congress with a national model.”
This is the reality for tens of thousands of homeowners such as Ryann O’Keefe, a single mother from West Haven, CT who says the program works and she’s living proof. “NACA brought my adjustable interest rate of 9.9% down to 4.25% fixed. I’m saving $1,200 a month.”
The MRS may sound too good to be true but NACA has already established a track record through 38 offices nationwide, two large call centers and massive Save the Dream events with tens of thousands of participants.
WHERE: National Press Club – Murrow Room (529 14th Street N.W., Washington D.C.)
WHEN: Wednesday February 18th at 10 a.m.
WHAT: National Standard for Addressing the Mortgage Crisis.
WHO: NACA, Lenders, Investors, and Homeowners
For more information visit NACA.COM.