Thanks to a legal agreement between the Neighborhood Assistance Corporation of America (NACA) and Countrywide Financial Corporation (‘Countrywide’), tens of thousands of homeowners at risk of foreclosure will now be able to keep their homes by restructuring loans to what the borrower can afford. Other lenders are in talks with NACA about a similar plan for distressed homeowners.
America has been yearning for a solution to the mortgage meltdown. Members of Congress like the idea so much they’ve invited NACA and Countrywide Executives to explain the historic agreement in front of the House Financial Services Committee on Friday, November 2nd.
Zena Collins of Gaithersburg, Maryland was ecstatic to learn her family could stay in their dream home once the monthly payment became affordable. ‘I’m still a little stunned but I feel like I can breathe again’. said Zena Collins. ‘I can live my life and not worry about whether I can pay the mortgage and my expenses this month? I can actually pay everything now. It’s very hard to believe. My payment was $2,200 a month at 11%. My new payment is $1,368 at a 6% fixed interest rate.’
