Subprime Crisis Has a Loan Solution
If you know someone who is facing foreclosure, then pass this column along. It holds hope and a loan solution for those in crisis. They can restructure their loan and get a 3%, 2%, or even 1% new loan …fixed for 30 years. The catch: they need to hold a steady job and be a single home owner.
Wall Street made billions off the backs of homeowners, says Bruce Marks, CEO of the Neighborhood Assistance Corporation of America (NACA.com) who has come up with the low interest loan solution.
The Boston Globe, in honoring Marks as Bostonian of the Year in 2007 calls him a “pit bull” who has been able to stand up for the Average Joes and, incredibly, get some of the biggest banks to bend.
The banks are also bending, in part, because the cities are putting pressure on them to find a quick solution. A home that ends up in foreclosure may be at risk of theft: in Southfield, Michigan, for example, thieves target abandon homes and strip them of appliances and COPPER.
Homes that are abandoned, boarded up, lack maintenance of the yard, or sit empty depress the value of the neighborhood and drive down tax revenues for cities. Cities have a reason to act on behalf of homeowners.
Bruce Marks has also come to their rescue because he believes that homeowners facing foreclosure are the victims of mortgage brokers, lenders, rating agencies and investment bankers who have made off with hundreds of billions of dollars in the Subprime scheme.
What NACA does is reduce the loan amount to something that is affordable to the homeowner. They determine your annual income, set up a budget for you that includes your basic expenses, plus $200 for unexpected expenses. The dollar amount that is left will be the monthly payment for the new loan. The interest rate is then fixed at 3, 2, or even 1% if needed, for 30 years, to match that amount. In setting up a restructured loan solution, NACA has gotten Countrywide, Wells Fargo and others to go along with them.
If you know someone in need, here are the people to contact. To learn more, go the Neighborhood Assistance Corporation of America or the Hope Now Alliance at 888-995-HOPE.