Refinance subprime loans through NACA

Hand signing mortgage next to money and house

A nonprofit mortgage broker and advocacy group has launched a $1 billion campaign to help the victims of predatory loans refinance their mortgages and save their homes.

The Neighborhood Assistance Corp. of America will use money from Citigroup and Bank of America Corp., to bailout subprime borrowers who were given loans they can't afford and can't get out of because they owe more than their homes are worth.

NACA will offer financial counseling and process the applications for 30-year loans at a fixed, below-market rate of 5.5% a year.

There are no fees and the banks pay all the closing costs.

Click here to apply for an NACA loan to refinance your home.

Follow on Twitter.

Leave a Reply

Your email address will not be published. Required fields are marked *