Tag Archives: foreclosure prevention

Foreclosure Prevention Road Show on its Way to St. Louis

The Neighborhood Assistance Corporation of America (NACA) is bringing its ‘Save the Dream’ foreclosure prevention event to St. Louis July 31 through August 1.

The organization says it will have 250 housing counselors and 500 volunteers on hand to handle crowds in St. Louis. A spokesman says NACA has already helped 25,000 homeowners receive loan modifications that helped them remain in their homes.

NACA recently stopped in Cleveland, where media sources claimed 80 percent of attendees were able to negotiate loan modifications that saved their homes.


A homeowner gets help at NACA's event in Cleveland.

Rust Wire disclaimer: From what I read, attending a seminar like this is hardly a slam dunk. Various media reports also said that some people were dissatisfied with the conference in Cleveland because they did not qualify for a loan modification.

Banks have been notorious for their resistance to modify loans. I’ve heard only about 2% of mortgages have been modified through Obama’s ‘Making Home Affordable’ program and, in those cases, most monthly payments actually increased.

To see if you qualify for NACA’s program visit this site or call 1-888-499-6222.

Let me add, NACA deserves credit for tackling this difficult problem while many others sit on the sidelines.

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Preventing Foreclosure in Cleveland

Detroit Public Radio is praising the Cleveland nonprofit community for pulling together in the name of rehab, demolition and prevention.

First, there’s Neighborhood Progress Inc., drawing on $6 million budget to rehabilitate homes, two-thirds of which is private money.

Then, there’s Case Western Reserve University’s Center on Urban Poverty and Community Development, which has compiled a database of homes in the city which shows which are vacant and which have high-cost loans.

Finally, ESOP (East Side Organizing Project) goes door to door offering troubled homeowners assistance. Their success rate: 80%.

Apparently, the foreclosure crisis effort in Detroit pales in comparison. Cleveland has been seen as a model in this arena for quite a while.

An ESOP worker making rounds.

An ESOP worker making rounds.

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