If you are a homeowner and struggling to make your monthly payments, help may be just around the corner. U.S. House Majority Whip James Clyburn has invited the Neighborhood Assistance Corporation of America, known as NACA, to help homeowners in South Carolina restructure their loans. NACA has helped thousands of homeowners across the nation save their homes by lowering their interest rates to as low as three percent, thus making their monthly payments more affordable. NACA has legally binding agreements with most major lenders and investors covering 90 percent of at-risk homeowners. Clyburn says the interest in the event has been tremendous. “I understand the response has been of such, (we) had to move it. I think we’re having it at the (Carolina) Coliseum for three days.
“We started out as one day, and we are now up to three days. We started out doing it over in Sumter…there was no place (big enough) for the response we were getting so we moved it over to Columbia. We are now going to regionalize it not to be just statewide, but we are passing the word out to people in North Carolina and Georgia.”
Clyburn has concerns about predatory lending and says this is a great opportunity to expose that type of practice and its effects on the economy saying, “You look at what they’re doing and the announcement the President made on yesterday…I think that this can go a long, long way–not just to saving people’s homes and their mortgages–but helping to show up the economic situation here in this state. That is the root of the economic problems we are having is, in fact, the mortgage crisis taking place in this country.”
One of many success stories is Fay Togba of Georgia who, with the assistance of NACA, had her interest rate lowered from ten percent to three percent fixed, saving her more than $1600 a month.
The NACA will be coming to the Carolina Coliseum on March 13, 14 and 15 of this year. Clyburn says this is a rare opportunity for homeowners in the Southeast to get the assistance they need.
“This will help a whole lot, I believe,” said Clyburn. “This will be only the third time this has happened in this country. I think they (NACA) had it in Washington D.C. one time and they had it in Stanford, CT one time. This is only the third time they’ve done this.”
If you plan to participate, you will need to be prepared so click here to find out how to sign up for the event and which documents you will need to provide.