NACA Spells Relief

The Neighborhood Assistance Corporation of America lends a helping hand to homeowners

By Adam Kuperstein
|  Tuesday, Apr 20, 2010  |  Updated 6:45 AM EDT
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Mortgage Assistance

Getty Images / Joe Raedle

A pre-foreclosure sign is displayed outside a home on October 1, 2009 in Miami, Florida.

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Mortgage Assistance

Since Wednesday, thousands in South Florida have had their mortgages modified, their interest rates reduced, some saving thousands of dollars a month.
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Liz Maloney's story is all too common these days.

"I lost my job. So now I'm a full-time student living on unemployment, trying to make my bills, and I got behind," she said

Maloney bought a home in Boynton Beach right before the market collapsed. Then six months later, she lost her job. So this weekend, she found herself at the Miami Beach Convention Center, hoping to avoid losing her home too.

"I slept in the convention center, for two nights," Maloney said.

And she wasn't alone. More than 50,000 people came over five days for a free mortgage relief program sponsored by NACA, The Neighborhood Assistance Corporation of America.

"It's a long wait," Maloney said after spending 50-hours at the convention center. "But it's so well worth it."

According to Condo Vultures Realty, the tri-county area experienced a record number of foreclosures during the first quarter of 2010. But thanks to NACA, Maloney won't be added to that statistic.

After face-to-face time with a counselor and a lender, Maloney found a way to lower her principle and save $343.55 every month. Multiply that by her 30-year-loan and she'll save nearly $124,000.

"I just told the counselor that I just breathed the biggest sigh of relief in probably a year," said Maloney. "I feel secure again, I really do."

If you couldn't make it to Miami Beach for the 5-day event, you can still get help with your mortgage. NACA will soon be holding free workshops in South Florida and in the meantime, you can fill-out your information online at NACA.com

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