The fear of foreclosure continues to affect the peace of mind of individuals all across the country. While the unethical business practices of mortgage companies and lending institutions are examined by government agencies, there are groups that are seeking to assist individuals avoid foreclosure and save their homes. According to a Los Angeles Times article, one such group, the Neighborhood Assistance Corporation of America (NACA), held a refinancing event at the Los Angeles Convention Center that began September 30.
Reportedly, the five-day event was aimed at individuals who are at risk of losing their homes to foreclosure. The NACA, a national mortgage company, offered assistance to individuals by restructuring their current mortgages in order to make monthly payments more manageable. This was the second year of the company’s “Save The Dream Tour”, which travels the country in hopes of helping individuals save their homes. Typically, the NACA is able to lower interest rates to 2 or 3 percent. In 2009, the NACA saw an average of 30,000 people at each of its 12 events across the country.
While lower interests rates will certainly prevent many people from losing their homes, there are still some circumstances under which decreased monthly payments may not be enough. Filing for bankruptcy is a viable option for many individuals who have accumulated debt and simply cannot afford to pay their debt on their own. Whether one chooses to file for Chapter 7 bankruptcy protection or Chapter 13, filing for New Jersey bankruptcy can be a complicated process that requires the assistance of an experienced bankruptcy attorney.
The skilled New Jersey bankruptcy attorneys at the Law Offices of Robert Manchel assist individuals in New Jersey who are thinking of filing for bankruptcy, including those who are at risk of losing their homes. In some cases, bankruptcy may help an individual save his or her home. For more information about what bankruptcy can do for you, please call an experienced New Jersey bankruptcy lawyer today at 866-503-5655.