Bank Forclosed Homes Prevention Counseling a Success
July 21st, 2009 by 
Joseph Smith
The nonprofit homeowner advocacy group, Neighborhood Assistance Corporation of America (NACA) has concluded its visit in Cleveland, Ohio as part of its nationwide tour of cities hardest hit by the bank forclosed homes crisis.
Over 300 experts in housing finance showed up at the Wolstein Center in Cleveland State University to offer advice and provide assistance to distressed homeowners as part of the NACA’s Save the Dream tour.
Housing experts and NACA staff provided extensive counseling sessions to homeowners free of charge. They also reviewed the finances of distressed homeowners before they meet with representatives of banks and lenders to restructure their mortgages.
According to NACA, having representatives of mortgage servicing companies and lenders on the event allowed same-day solutions to homeowners’ problems, resulting in lower interest rates and reduction in outstanding principal.
Meanwhile, lenders said that outreach events similar to the one organized by NACA help educate homeowners on their options to save their properties from becoming bank forclosed homes. They said that they could easily address concerns of homeowners because many of them are required to bring and submit records of their last monthly income and mortgage statement.
The nationwide tour of cities hardest hit by foreclosures has resulted to various foreclosure prevention options to homeowners who attended. According to NACA, more than 25,000 homeowners showed up at each of its event, and thousands were allowed to restructure their mortgages the very same day by way of reducing their interest rates.
NACA claimed that its success in helping homeowners avoid bank forclosed homes is based on its legally binding agreements with all major mortgage services and lenders.
Representative Marcia L. Fudge facilitated the inclusion of Cleveland in the NACA’s 2009 tour. She invited NACA to Cleveland after she saw the success of the group’s events in Connecticut, South Carolina and Washington D.C.
Meanwhile, NACA hopes that its tour of cities hardest hit by foreclosure would help expedite the mortgage relief process for many homeowners.
The NACA tour of cities with high bank forclosed homes rates will continue to Chicago, Illinois on July 24 to 27, Saint Louis, Missouri on July 31 to August 3 and Atlanta, Georgia on August 7 to 10.
