The Neighborhood Assistance Corporation of America

• Author: Rebecca A. Taylor
• Pages: 279-281

The Neighborhood

Assistance Corporation of

America

Chapter 24

279

Despite the scores of disreputable loan consultants who have set

distressed homeowners in their sights, there are reputable, govern-

ment-approved counselors who may facilitate actual, permanent loan

solutions for borrowers. One such group is the Neighborhood As-

sistance Corporation of America (NACA). NACA is an organization

of HUD-approved loan counselors who have contractual relation-

ships with a number of lenders, servicers, and investors. NACA

currently conducts “Save the Dream” tours, holding events through-

out the country where borrowers and lenders come together, often

negotiating permanent modifications of troubled loans. The bor-

rowers will provide NACA’s loan counselors with all relevant docu-

mentation, and together the parties will formulate a loan solution

proposal to be submitted to the lender. At NACA’s live events, these

proposals may be accepted on the spot by the servicer or investor.

A foreclosure defense attorney should be aware of all options

available to his client, from litigation to alternative dispute resolu-

tion to bankruptcy. Working with reputable loan counselors such as

NACA may be “homework” to give to clients. Mediation is also an

option to litigation and may be handled by the parties themselves,