Buck Alpha Dorado

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NACRA and Alpha 2000 announce partnership to provide free do it yourself loan modification help

Ft. Lauderdale, FL May 30, 2009 – Loan modifications are one of the few instruments homeowners can rely on to save their homes from foreclosure. As if homeowners have not been stressed enough financially and mentally over their situation, this help very often requires a couple thousand dollar investment on their behalf to facilitate. “A lot of bad actors are seizing on the misfortunes of consumers and capitalizing financially on the fear of homeowners over quite possibly losing their homes to foreclosures” said Lou Rodriguez, Founder of N.A.C.R.A., the National Association for Credit Responsibility and Advocacy.

"These predatory scams callously rob Americans of their savings and potentially their homes," Treasury Secretary Timothy Geithner said in a recent news conference. Rodriguez went on to say, “These companies are charging thousands of dollars up front and making promises they can’t keep. I’ve seen some of these companies advertising up to a 97% success rate and even a money back guarantee. In fact, the climate has never been better to modify a mortgage on your own then right now. Lenders and servicers do not want to foreclose on homes as the average cost of a foreclosure is rapidly approaching $60,000.00”.

Making the loan modification climate even friendlier to homeowners in foreclosure trouble is the Obama administrations stepped up efforts to stem foreclosures with the offer of financial incentives to cut payments on second mortgages, write down balances on first mortgages that are underwater, and repay loans in a timely fashion. The new measures announced Tuesday would especially help many distressed homeowners who have both first and second mortgages -- and can't afford either. The Treasury Department now wants lenders and their customer-service agents to agree to modify both loans as part of a comprehensive solution.

However, it is still a process and to have success, you do need to know what you are doing. It helps to understand the process from the bank’s point of view. Stephanie Pimental of Alpha 2000, a nine year old non-profit organization dedicated to community development said, “Primarily when homeowners try to speak to the bank to attempt a loan modification, they have no idea about the process and are emotionally involved since this is their homestead. Not necessarily a good mix.”

Rodriguez says that the dirty little secret about loan modifications that has not made it to the mainstream media yet is that not everyone qualifies for one. “This is why we partnered with Alpha 2000, they are providing us with a do-it-yourself loan modification handbook that will give our members detailed instructions in order to first, determine if they qualify for a loan modification, then secondly, how to present their lender with a qualified loan modification proposal. They will also provide the forms in order to facilitate the process” Rodriguez said.

Many of these loan modification companies and law firms simply will not tell you this upfront, rather, they will take your money knowing full well you will only end up in foreclosure 6 months later anyway. Their money back guarantee is bogus since it’s usually a guarantee that you will get some type of loan modification offer from your lender or servicer. “What good is that if the offer is one you still cannot afford”, asks Rodriguez.

NACRA provides assistance and advocates for its members by providing benefits and services geared toward recovering, rebuilding, and then maintaining a strong credit and financial future. Services include being assigned to an attorney from the Consumer Advocate Law Firm of Ft. Lauderdale experienced in consumer law who help audit and verify NACRA members' personal credit reports. Members also have access to Free ID Theft Protection provided by LifeLock, free financial education and counseling, free tax preparation services and IRS audit help, and free expense tracking software provided by Mint.com to name a few.

NACRA also has an online resource library of articles about credit scores, credit reports, identity theft and debt, and homeownership among others. This resource is meant to answer important questions consumers have regarding their credit and financial situations and are available for use by non-members as well.

More information about NACRA

The National Association for Credit Responsibility and Advocacy (NACRA) was founded in 2007 by Luis O. Rodriguez and is now headquartered in Ft. Lauderdale, Fla. NACRA is a consumer-friendly association whose mission is to help consumers recover, rebuild, and then maintain their good credit and good name. As part of their "Credit and Financial-Direction and Protection" plan, NACRA provides benefits and services dedicated to accomplishing and realizing this goal.



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