Cape Coral Florida's Real Estate Guide

MIAMI - April 1, 2010 - The Neighborhood Assistance Corporation of America is heading back to South Florida after drawing more than 24,000 desperate homeowners to a February mortgage-modification marathon in West Palm Beach.

The nonprofit group, which offers free counseling and face-to-face contact with lender representatives, will be in Miami Beach for five days beginning April 15.

As with the Save the Dream event at the Palm Beach County Convention Center, the program at the Miami Beach Convention Center will run 24 hours a day. It will be NACA's 14th event around the country.

"We saw the demand is there," said NACA spokesman Darren Duarte about South Florida. "We had people at the end of the West Palm Beach event who didn't get to meet with a counselor and that tells us there is a need."

The group receives government grants for its work, but also earns up to $500 from lenders for successful modifications that result in at least three on-time mortgage payments.

NACA events draw people from all over the country who hope to get same-day help through the federal Making Home Affordable program, or plans offered by individual banks.

Most successful modifications include a lower interest rate or principal forbearance. New programs recently announced by Bank of America and the federal government also offer principal forgiveness in some cases.

In West Palm Beach, borrowers came from as far away as California to meet with counselors from the Boston-based group.

During the five days, counselors worked with people on about 24,330 loans, and completed 7,547 same-day payment reductions.

Workshops to prepare borrowers for the event will be conducted throughout South Florida, including at the Wellington Community Center and Royal Palm Beach Cultural Center.

Homeowners are encouraged to register for the event at www.NACA.com.
 
Copyright © 2010 The Palm Beach Post, Fla., Kimberly Miller. Distributed by McClatchy-Tribune Information Services.