Monday, November 28, 2011

Help arriving for at-risk homeowners

Struggling homeowners may find some help at the Save the Dream tour, which rolls into town later this week. They may even be able to talk directly to someone connected with their loan.

The event provides a chance for homeowners to talk with counselors about their budget, submit a proposal for a loan modification and meet face-to-face with a loan servicer.

It is sponsored by the Neighborhood Assistance Corporation of America, or NACA, a private, nonprofit homeowner advocacy group that has held more than 50 similar tours nationwide.

While the pace of foreclosures slowed last year, many experts expect it to pick up as lenders sort through paperwork problems that led to a moratorium on new foreclosure proceedings. That moratorium has since been lifted.

Last month, one in every 563 housing units in the country had a foreclosure filing, according to research firm RealtyTrac. Foreclosure filings, which include default notices, scheduled auctions and bank repossessions, were issued on 230,678 homes in October.

In North Carolina, filings were issued on nearly 3,000 homes during the month.

The "Save the Dream" event will be held from 8 a.m. to 8 p.m. Thursday through Monday at the Charlotte Convention Center in uptown.

The service is free. Organizers say homeowners who attended past events have had mortgage payments cut by more than $500 with interest rates reduced to 3 percent or 2 percent. About 55 percent of homeowners who attend the event typically receive a same-day answer on their loan modification, according to NACA. Homeowners should expect to spend the entire day at the convention center.

Attendees need to bring:
- Proof of income, which could include the most recent pay stub, a rental agreement, proof of pension, social security, child support, unemployment or any other form of verifiable income.
- Three months of bank statements, or six months of statements if self employed.
- The most recent tax return.
- A photo ID such as a driver's license, state identification card or residency card.
- Mortgage statements for each loan on the property.
- Declaration page from the homeowner's insurance.
- Annual tax bill showing property taxes.
- A payment coupon or annual statement showing fees for homeowners' or condominium owners' associations.

Representatives from the following servicers are expected to attend: Bank of America, Wells Fargo, Chase, CitiMortgage, IndyMac/One West, GMAC (Ally Bank), Saxon, Seterus, Suntrust, AHMSI, Ocwen and Litton. Representatives from Fannie Mae and Freddie Mac, the nation's largest investors in mortgages, will also be on-site.

For more information, go to


Anonymous said...

Weren't those NACA folks supposed to hire 1000 workers in Charlotte back in 2009?

Did they?

Joseph Newman said...

thank you for letting me know of this Event. I will definitely attend. My family members were helped by NACA, saving them hundreds of dollars from their high unaffordable mortgages. I support them as they are doing this completely FREE to the community and are the only ones that keep fighting for the struggling homeowners. I have friends from California that were also helped by NACA during their Save the Dream Tour in the beginning of the year. On behalf of my family, thank you NACA!

Roofing Newton MA said...

NACA has been helping many homeowners for several years and I appreciate there objective.