The housing market is improving but many still face payments they can't afford. A national non-profit is back in Sacramento helping homeowners modify their loans so they can pay less.
The The Neighborhood Assistance Corporation of America is holding the American Dream Event Friday Aug. 28 - Tuesday Sept. 1 from 8 a.m. to 6 p.m. to allow homeowners to meet with their lender on-site to work out a solution.
Constance Arnick is retired and struggling to make her monthly mortgage payment.
“You only get paid that once a month so then you're filling up your car with gas and hoping you'll have enough next time you need to fill up,” Arnick said.
Her son died 2 years ago, but she's determined to make sure she can provide for her 3 granddaughters.
“If my overall principal was lower it would it would make my mortgage payment lower and it would be better for us all,” Arnick said.
And that's what NACA says it can help homeowners accomplish.
“People are not only getting those interest rates down to 2 percent but they're also getting principal reductions of 100-thousand dollars or more,” Tim Trumble, with NACA, said.
NACA says banks are doing loan modifications much more than they were in the past. Chris Hawkins was at risk of losing his home before attending a NACA event.
“Instead of actually buying my home, my home was worth less and less and more and more of a debt,” Hawkins said.
read more: http://www.abc10.com/story/news/local/sacramento/2015/08/28/naca-event-offers-affordable-mortgage-options/71346268/
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