The Troubled House Owners Facing Foreclosure are Being Offered Help

One of them is Pablo Estrada of Lancaster who had foreclosure threatening him thrice. When the interest rate of his house loan adjusted the monthly commitments went up to touch $2,800. Estrada, an employee of Department of Health Services of the county had given a firm $3,400 to resolve a workout with his lender and modify his loan. 47 year old Estrada bemoaned that he had lost his dollars and nearly lost his house.

Estrada is one of the thousands participating in an event at Los Angeles Convention Center. It has been organized by Neighborhood Assistance Corporation of America. He now thinks that the nightmare has come to an end. The programme is free and is assisting many house owners to modify their loans.

The lender of Estrada agreed to reduction of the monthly commitment. Including tax on property and insurance for house owner it came down to $1,200. Estrada has two daughters and cannot believe that the lender “forgave $25,000 of principal and reduced” his rate of interest from 8% to a manageable 4.3%. Neither did the lenders “add any years” to his loan. He was very happy.

The founder and also CEO of NACA is Bruce Marks. He said that many have lauded him for the work his group has been doing to help house owners in trouble. He has saved not only their houses but their marriages and their lives.

Marks observed that nearly 80% of those participate in his events (that are free), manage to have their loans modified within 30 days to 45 days. 30% are lucky to have their loans modified there and then. These reductions are made possible through agreements between NACA and the lenders to bring down the interest rate, cutting down on the principal and in some instances extending the loan period.

Marks said, “We are able to have same-day solutions where homeowners are saving $500 a month and sometimes over $1,000 a month by lenders making their mortgage payments affordable. Sometimes, they reduce the interest rate to as low as 2 percent and reduce the principal."

The event that Estrada participated was the 22nd one named “Save the Dream”. NACA has organized similar ones right across the country. It is expected that 50,000 will take part in the event that will run till 4th October 6 pm.