Let the borrower beware.
Neighborhood Assistance Corporation of America, a Boston-based nonprofit, is bringing its national tour to Oklahoma City for five 12-hour days, starting Thursday, aiming to help people “become new homeowners at a time when homeownership has been a difficult goal for working Americans.”
It's called the “American Dream Event” and NACA said Wednesday that it also can help homeowners “reduce payments on an unaffordable mortgage. ... Existing homeowners who have an unaffordable mortgage can get a free loan modification.”
Why beware? Numerous posts on a consumer website make it clear that NACA offers no quick fix and suggest that its services involve the same kinds of corporate bureaucracy that have left so many homeowners discouraged since the housing bubble burst five years ago.
Some point out that after many months of working with NACA, they still never came to any resolution. NACA itself, on fliers for its events, says: “You have everything to gain and nothing to lose.”
News coverage of the events, most recently held in San Francisco, Ontario, Atlanta, New York and Charolotte, N.C., show that they attract large crowds.
Spokesman Ricardo Herrera said “the big lenders,” including Bank of America and Wells Fargo, as well as Fannie Mae and Freddie Mac, will have representatives at the event. The representatives travel with the caravan and are not from lenders' local offices, Herrera said.
“This is the first time Oklahoma has played host to such a massive undertaking. NACA helps homeowners save on average between $500 and $1,000 a month off their monthly mortgage payment,” NACA said in a news release. “Home buyers can also qualify for a fixed-rate mortgage with no down payment, no closing costs, no points or fees.”
NACA added: “And consumers don't need perfect credit. Today's NACA rate is 3.375 (percent).”