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National homeowner's assistance expo in Detroit

The nation’s largest home mortgage counseling agency is in Detroit for a five-day stop.

The Neighborhood Assistance Corporation of America will be at Cobo Center through Monday as part of its “Save the Dream” tour.

NACA offers homeowners with unaffordable mortgages a chance to modify their mortgage terms directly with lenders.

NACA communications director Darren Duarte says the organization is able to “hold banks accountable” through binding contracts.

“So we have legally binding contracts with all of these major lenders, that basically says if a homeowner comes to us, if we can document and verify that the mortgage they’re in is unaffordable, there’s a great chance we can lower their rate.”

Duarte says homeowners interested in visiting the NACA expo should bring their mortgage statement, property tax bill, and proof of income.

Many people who come to NACA have tried other loan modification programs, only to encounter obstacles like lenders repeatedly asking them for the same papers. It’s worth noting that NACA users in some states have complained that the organization doesn’t follow through and secure the loan terms it promises.

Sarah Cwiek joined Michigan Public in October 2009. As our Detroit reporter, she is helping us expand our coverage of the economy, politics, and culture in and around the city of Detroit.
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