Home Loan Modification
Homeowners are scrambling for home loan modification programs at a faster rate than ever before. Bad loans and regrettable decisions have ultimately led to countless consumers having to find a way out of their current mortgage without losing their home.
New organizations are springing up all over the country to help these troubled borrowers. Some are more legitimate than others, certainly. But there are a healthy number of bright spots in the home loan modification industry.
One such bright spot is the Neighborhood Assistance Corporation of America. NACA is currently making a 5-day stop in West Palm Beach, Florida to help homeowners modify their mortgages.
NACA expects to provide assistance for over 50,000 people in the span of five days. During that time, they anticipate approximately 25,000 loans will be worked on, with a majority of those home loan modifications being successfully agreed upon.
The service that NACA – as well as other similar companies – provides is free to the consumer. Their revenue comes directly from the banks, as well as the federal government.
Organizations like the NACA receive federal aid packages, and often times they will be paid by the banks per successful mortgage modification (provided that the borrower makes a certain number of qualified payments).
Photo credit: The Truth About Mortgage
