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M.Arch, Researcher, Artist, Architect
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Experience:  Licensed Architect, Artist, Collector, Former Design College Faculty, Ivy League Masters.
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is NACA a legitimate corporation

Resolved Question:

is NACA a legitimate corporation?
Submitted: 6 years ago.
Category: General
Expert:  M.Arch replied 6 years ago.
NACA - the Neighborhood Assistance Corporation of America - is a a national nonprofit advocacy group based in Boston. Its "Save the Dream Tour" travels from city to city nationwide running events for homeowners who are in financial distress. It receives some amount of federal funding. It links struggling homeowners with lenders who may provide more favorable loan terms.
In this sense this is a legitimate company.

But, as with most companies, there are those who have had positive and negative experiences. While there are consumers who report good or satisfactory outcomes with this company, there are some homeowners who have attended some of these tour events who report that they are disappointed by results that did not live up to promises of "same day solutions". Many have experienced long processing times in restructuring their mortgages, terms that did not match what they were originally promised, bungled paperwork, lack of communication, and various other troubles.
Here is a link to one article following up on one such event:
There are similar articles following up on NACA events in other cities.

As with any major financial commitment, a consumer would be wise to research other customers' experiences with the company, and to investigate alternatives (in this case local non-profit housing advocacy organizations may be a better bet, or a source of advice and advocacy as you work with NACA or another organization, lenders, etc.)

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Thank you.

Edited by MJ on 11/15/2009 at 12:59 AM EST
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