Homeowners restructure loans with the help of Mortgage Clinics

Shared by Sara on Sat Aug 15, 2009 2:19 am
The Neighborhood Assistance Corporation of America, a part of "Save the Dream tour", has helped a lot of people restructure their loans and save their properties. It has traveled across the South and Midwest and helped homeowners in pairing with interested lenders who would slash their loan costs and also lower interest rates to as low as 2%. In Atlanta, the organizers estimated that more than 25,000 troubled homeowners would turn out on the final day of the event and take the help of the Mortgage Clinic to restructure their loans. Source: http://www.forbes.com/feeds/ap/2009/08/12/ap6770054.html

Community Members Opinion

jenkin7

Joined: 04 Jun 2007

Posts: 4282
Location: Hawaii

675.69 Dollars($)

Posted: Sat Aug 15, 2009 2:47 am Post subject:

Hi Sara, Such an effort from the Neighborhood Assistance Corporation of America is no doubt commendable. It's good to know that people have benefited from such initiative as many of the troubled homeowners have been able to cut the interest rates on their loan. Some have also been able to reduce the principal amount owed. But the number of troubled homeowners is too many and we need more of such mortgage clinic initiatives throughout the country.

litisham

Joined: 23 Jun 2009

Posts: 116

0.02 Dollars($)

Posted: Sat Aug 15, 2009 4:56 am Post subject:

i do not understand the concept of "Mortgage Clinic" Can anyone discribe?

Jessica
Jessica

Joined: 08 Jun 2004

Community Mentor
Posts: 819
Location: OHIO

210.51 Dollars($)

Posted: Sat Aug 15, 2009 5:32 am Post subject:

I think this is a good initiative taken up by Neighborhood Assistance Corporation of America and the partners - Bank of America and Citigroup. I've heard that there were around 300 counselors who assisted in making the program effective. The counselors reviewed the documents of homeowners so as to figure out a mortgage payment that they can afford. The purpose was to negotiate with lenders in order to slash rates on troubled mortgages to a minimum. _________________ http://jessica.mortgagefit.com/


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