Free program helping mid-southerners avoid foreclosure - Action News 5 - Memphis, Tennessee

Free program helping mid-southerners avoid foreclosure

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Stacy Hobson loves her home, and almost lost it when she got laid off from her teaching job a couple of years ago. Stacy Hobson loves her home, and almost lost it when she got laid off from her teaching job a couple of years ago.
Hobson felt like she was getting the run around from the bank holding her mortgage. Hobson felt like she was getting the run around from the bank holding her mortgage.
Hobson says without the NACA program, she likely would have lost her home. Hobson says without the NACA program, she likely would have lost her home.
MEMPHIS, TN -

(WMC-TV) – There are two more days left to take advantage of a free program that is aimed at helping Mid-Southerners avoid foreclosure.

It's being sponsored by the Neighborhood Assistance Corporation of America and is scoring high marks with homeowners who have tried the program.

Stacy Hobson loves her home, especially the game room and pool table.

But when she got laid off from her teaching job a couple of years ago she almost lost her home to foreclosure.

"So I was looking to try and re-finance and I tried to re-finance," said Hobson.

But Hobson says she felt like she was getting the run around from the bank holding her mortgage.

However that all changed last year when she attended an event sponsored by the Neighborhood Assistance Corporation of America's "America's Best Homeownership Program.

"Well basically they reduced my mortgage from $1,200 to $850 and my interest rate went from 5.5 to about 3.5," Hobson explained.

Ms Hobson says she's been in her house now for six years, she says without the NACA program there probably would not have been a seventh year.

And now the national organization is back in Memphis trying to help more homeowners like Hobson find a way to avoid foreclosure.

"So we are showing the banks that it is beneficial for them to keep that homeowner in that home as opposed to foreclosing on the property," stated NACA spokesman Rick Herrera.

NACA works like this: counselors from the organization sit down with homeowners and officials from the homeowner's bank.

Over the years the organization has experienced success in getting banks to agree to loan modification requests.

"We can go as low as two percent interest rate in order to find an affordable payment for that homeowner," Herrera said.

Hobson says NACA can get banks to do what many homeowners cannot.  "I just hope that people will swallow their pride and realize that this is a program that can help them and if you need help get it that's what they're hear for that's what they want to do," she stated.

NACA also helps people looking to BUY a home.

If you're interested you can meet with NACA officials through Tuesday at the Cook Convention Center.  Hours are from 8 a.m. to 8 p.m.

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