Over one thousand homeowners flocked to the Palm Beach Convention Center in Florida to see if they can have their mortgages modified and avoid bank and federal home foreclosures. The event was sponsored by the nonprofit organization, Neighborhood Assistance Corp. of America (NACA).
The state is one of the areas hardest hit by the housing market crisis, with foreclosed homes in Dade, FL and in other cities recording numbers that are way higher than other regions of the country. It is not surprising then that the nonprofit has chosen Palm Beach as the third stop for its NACA mortgage modification marathon.
The event, which lasts for several days, is aimed at preventing homeowners from losing their properties to Florida foreclosure homes for sale by providing them with a chance to have a talk with foreclosure counselors and maybe have their mortgages modified.
The nonprofit is currently on its second year of offering help to people facing home foreclosures through its Save the Dream tour. According to NACA officials, the initiative has an 80% success rate in terms of modifying the mortgages of troubled borrowers. The organization is also the biggest one in the country in terms of home loss mitigation.
The organization is primarily a nonprofit mortgage loan broker which specializes in negotiating agreements with lenders to prevent bank and federal home foreclosures. It also offers loans for certain cases and modified mortgage services that can have a fixed interest rate of as low as two percent. Reduced monthly mortgage payments are the primary focus of the tour event though.
According to some of the borrowers who attended the event, lining up as early as dawn and going through sessions that can last a whole day is mostly worth it, with most of them reporting that they were able to get their mortgages modified. Some of the attendees at the Palm Beach marathon have already earned a loan modification agreement during earlier tours, but are back to iron out details.
The NACA event is being seen by most attendees and local authorities as a big help in terms of helping homeowners avoid bank and federal home foreclosures. The tour is expected to continue and travel on to some other cities hit by high foreclosure rates.
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