Free Event in Richmond Provides Mortgage Relief for Homeowners - 8NEWS - WRIC | News Where You Live

Free Event in Richmond Provides Mortgage Relief for Homeowners

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NACA works to lower mortgage payments for homeowners NACA works to lower mortgage payments for homeowners

The “American Dream Tour,” hosted by NACA, Neighborhood Assistance Corporation of America, is at the Greater Richmond Convention Center until Monday.

The nonprofit helps homeowners restructure mortgages and avoid foreclosures.

Richmond resident James Harris was facing personal and financial issues at home and decided to reach out to NACA for help.

“It was just too much to bear, and we found ourselves getting behind in our mortgage,” he said. “They reduced my mortgage by $1,200 and also reduced my interest rate. I had an interest rate at close to 9 % and the lowered it to 4 %."

Rick Herrera is the communications director for NACA. He says this is a great opportunity for people to get free help.

“To help homeowners who are struggling with their mortgages, homeowners who may be facing foreclosures, maybe a sale date or maybe current, but they're robbing Peter to pay Paul,” said Herrera.

You’ll sit with a counselor to determine a more affordable mortgage. Then you actually meet with your bank.

“NACA has legal binding contracts with all the major lenders and they're here participating. So Bank of America, Chase, Wells Fargo, Freddie Mae Freddie Mac,” said Herrera.

That’s something Herrera says makes this event special and successful.

“This is a unique experience for you to sit down with that decision maker from your bank face to face with a NACA negotiator to make sure you get it done."

He says NACA helps 80 % of the people who come for help--like Harris, who's relieved and thankful he can keep his home.

“Be patient and don't be too proud to ask for help,” he said.

The event will be at the convention center Sunday and Monday 8 a.m. to 6 p.m., and it’s free and open to the public.

Find out more information about NACA and required documents here.

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