Housing News

Do Mortgage Aid Events Really Work?

We find out the benefits of participating in this real estate gathering.

Mortgage aid events are growing in popularity with its ubiquitous sight throughout America. In South Carolina’s Carolina Coliseum, 10,000 homeowners flocked to seek assistance in their loans, avoid foreclosure, and lower their current interest rates. The Save the Dream Tour of the Neighborhood Assistance Corporation of America (NACA) claims to have helped thousands of distressed homeowners from its series of mortgage support services. Counselors help calculate what homeowners can afford to pay and most importantly, help in negotiating with the lenders where borrowers have existing loans. Watch how the organization holds the even in their Washington, D.C. convention.

The unsuccessful $300 billion Hope for Homeowners program also launched a similar event last November. Too bad, the government’s program only enticed a few people. So are these events still important even with the Hope’s failure?

First of all, there are thousands of uninformed borrowers who need mortgage counseling from experienced advisors. Mortgage counseling costs hundreds of dollars which for some are too expensive to spend for.

Second, with the onset of the property market bust, many illegal mortgage assistance firms are taking advantage of unsuspecting homeowners. This can help reduce the incidence of fraud in the mortgage industry.

Third, the NACA’s program has created a special group of counselors for loans issued by the Department of Veterans Affairs or the Federal Housing Administration. Most distressed borrowers refuse to receive counseling because of the complexity of their loans.

In other words, it’s still business after all, only this time they’re looking beyond their potential profits in order to lift the market.

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