Expert: Dick Dennis - 7/25/2011

Question
hi..hope you can shed some light on this. i have relatives who want to buy a house. their credit is not top of the line. they are talking about a business called naca, and tell me it costs 50 dollars a month for year, like 30 years, plus you have to go to workshops. this is supposed to help you with the mortage notes, from what i was told. first, 50 dollars a month for 30 years, on a contract, does not sound like a wonderful thing. at work, someone who recently bought a home told  me that naca are ripoff and underhanded people, looking to take too much money away people. do you think this is true?  thank you!

Answer
Here is some light I can shed on NACA, James: It stands for Neighborhood Assistance Corporation of America. From what I found out, they do not help anyone BUY houses. They are supposed to help homeowners KEEP their homes should they fall into foreclosure. Therefore, your relatives can save their $50 per month and stay away although NACA supposedly helped about half of the people who made application for help on their homes.

I reccommend you go online to Google and look up NACA and you will find their website which makes it sound like everybody who gets involved with it have their mortgages reduced substantially. You can take that for what it is worth.

Then go to "60 Minutes April, 2011 NACA Scott Pelley" and you will get a big shock at what kind of frauds banks have been pulling on homeowners. Then you can make up your mind how you want to approach NACA and the banks that are connected with it. You will see that YouTube of 60 minutes of last April and you may never do business with ANY bank again. I do wish you well.

Dick Dennis
dixiedee13@aol.com