MIAMI BEACH (CBSMiami) – Thousands of homeowners who are upside down on their mortgages or being foreclosed upon because they can no longer afford their homes may be able to get some help a free mortgage modification event underway in Miami Beach.
The Neighborhood Assistance Corporation of America (NACA )event at the Miami Beach Convention Center – Hall B will run through Monday. The event will go from 8 a.m. to 6 p.m. each day.
During the five-days NACA’s mortgage experts will assess and modify thousands of mortgages for those who feel they can no longer keep up with payments. The process begins with an orientation before meeting with loan counselors who will figure out a family’s ability to pay. That information is then submitted to a lender for approval.
NACA’s experts can also help new home buyers get the best mortgage rates.
NACA helps homeowners save on average between $500 and $1,000 a month off their monthly mortgage payment. The non-profit HUD certified organization has contracts with major lenders and investors to reduce interest rates to as low as 2% to make mortgages affordable.
Hundreds of counselors and bank representatives from all of the major lenders will be in attendance to assist with on-site home loans and on-site loan modifications. Everything is free.
Also during the event new home buyers can find out how they can access NACA’s mortgage. NACA’S mortgage has no down payment, no closing costs and no fees and it’s always at a below market fixed rate. Perfect credit is not required.
For documents needed and to register, go to www.naca.com or call (888) 499-6222.