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NACA event aims to help struggling homeowners Fri Feb 03, 2012 11:24 pm
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NACA event aims to help struggling homeowners


SAN BRUNO, Calif. (KGO) --
Thousands of homeowners are expected to descend on the Cow Palace today in hopes of getting some free help that could be the key to avoiding foreclosure.




Hundreds of people were lined up overnight for the event that is being put on by the Neighborhood Assistance Corporation of America, or NACA. The four day event will take place Friday through Monday from 8 a.m. to 8 p.m.

"We have legally binding contracts with every major lender in the country and they are all on site there," NACA spokesperson Darren Duarte said. "And that contract says if we can show the mortgage is unaffordable they can go as low as a 2 percent fixed rate for the life of the loan to get to what is considered an affordable payment."


Related Contentlink: NACA Save the Dream TourStory: NACA event holds hope for homeowners7Live: 'American Dream' event helps struggling homeowners The loan amount can also be dropped.

And if you are in the market for a home, you should drop by NACA is offering some astounding mortgage deals.

"We've been here in the past just helping people save a home and now we are helping people who want to buy a home," Duarte said. "We lend money on the best of terms. No down payments, the bank pays the closing cost, there are no fees and it is always one percent below the market rate. Most of the people who are in trouble with their loans in this market don't have our loans."

Just about all of the major lenders are at the event and are under contract with NACA to give lower interest rates to homeowners. The rates can go as low as two percent on a 30 year fixed loan.

Back in 2009, more than 60,000 people attended the event at the Cow Palace over the course of four days.

http://abclocal.go.com/kgo/story?section=news/business&id=8530179&rss=rss-kgo-article-8530179
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NACA event aims to help struggling homeowners Fri Feb 03, 2012 11:24 pm
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