WASHINGTON, D.C. (WUSA) - Hundreds of homeowners in danger of foreclosure are seeking help this week at the Washington Convention Center. They are hoping the lenders gathered at NACA, the non-profit Neighborhood Assistance Corporation of America, will give them a new, affordable mortgage so they won't lose their homes.
"What the attorney general's settlement with the banks has done, is give the banks immunity to do the foreclosures, so it's opened up the floodgates for foreclosures," said Bruce Marks, CEO and Founder of NACA.
The event is also for first time homebuyers who qualify for assistance. It goes on for the next five days through Monday.
WHAT: Mortgage Approvals for Homebuyers-Mortgage Relief for Homeowners.
WHEN: Thursday, April 19-Monday April 23, 2012 from 8 a.m. to 8 p.m.
WHERE: Washington Convention Center, 801 Mt. Vernon Pl, NW Washington, DC
The massive operation hosts all the major lenders, investors, counselors and underwriters. The event promises to save existing homeowners hundreds and sometimes more than a $1,000 a month off their mortgage. Many will qualify for a fixed rate mortgage with no down payment, no closing costs, no points or fees. And consumers don't need perfect credit.
"The pundits may have people believe the no down payment loans helped create the housing mess, but they are wrong. It was the terms of those loans that set people up to fail. NACA's mortgage is fixed at an affordable rate for the life of the loan...today's rate is 3.625%, "said NACA Founder & CEO Bruce Marks.
To register go to www.naca.com