NACA's financial counselors will be available at the Washington Convention Center to help homeowners modify their mortgages.
By Patrick Madden
This morning, hundreds, if not thousands, of struggling homeowners from around the region will be at the Washington Convention Center for a chance to lower their mortgage payments.
NACA or the Neighborhood Assistance Corporation of America is coming back to D.C.
This is a Boston-based non-profit that travels the country, setting up huge free events where financial counselors and distressed homeowners work together to help modify their mortgages.
“We have legally binding agreements with every major lender and major investors out there where they have to do it," says NACA CEO Bruce Marks. "Because while people are saving $500 a month, $1,000 month, that’s better than losing a $100,000 through foreclosure.”
NACA actually kicked off their Save the Dream tour from Washington in 2008. Now two years, and 19 cities later, the group is hosting their longest event ever.
For the next 8 days, the convention center will be open around the clock, 24 hours a day, as homeowners and counselors work together to find some relief.