MIAMI (CBS4) -- Thousands of homeowners who are upside down on their mortgages or being foreclosed upon because they can no longer afford their homes may be able to get some help a free mortgage modification event in Miami.
The Neighborhood Assistance Corporation of America (NACA) has set up shop at the James L. Knight International Center. The event, which runs through Monday, will go from 8 a.m. to 6 p.m. each day.
During the four-day event NACA's mortgage experts will assess and modify thousands of mortgages for those who feel they can no longer keep up with payments. The process begins with an orientation before meeting with loan counselors will figure out a family's ability to pay. That information is then submitted to a lender for approval.
Borrowers who qualify – about 50 percent will -- can get low, 30 year fixed-rate mortgages; sometimes the lenders will even cut the principal amount owed. Professional loan counselors at the event can cut through the red tape and submit the financials directly to the lenders.
NACA's experts can also help new home buyers get the best mortgage rates.
NACA said on average they can help those who qualify cut $500 and $1,000 a month off their monthly mortgage payment. Many receive interest rate reductions as low as 2%. Home buyers can also qualify for NACA's fixed rate mortgage with no down payment, no closing costs, no points or fees.
NACA has legally binding contracts with all the major lenders and investors to get this done.
Hundreds of counselors and bank representatives will be in attendance to assist with on-site home loans and on-site free loan modifications.
For documents needed and to register, go to For documents needed and to register, go to www.naca.com or call 888-499-6222. Walk-ins are welcome.
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