NACA Offers Mortgage Help to Mid-South

MEMPHIS, Tenn. - The NACA "Save the Dream Tour" is in Memphis Thursday through Monday. An e-mail circulating among elected officials claims the company scams desperate homeowners, but NACA stands by its services claiming to have helped hundreds of thousands of people.

We went to the NACA event at the Cook Convention Center to see for ourselves if this program is a scam. The CEO was more than ready to defend the non-profit. In fact, Memphis City Council Chairman Myron Lowery saw firsthand that the non-profit could help many in the Mid-South.

Gregory Johnson suffers from chronic back pain, but made it a point to come to the Neighborhood Assistance Corporation of America, or NACA event. He was upside down on his Memphis home and delinquent in payments.

"I'm trying to make the decision as to whether or not I was going to stay with my home or let it go," he said. "I didn't want to let it go."

After a year of working with NACA, Johnson decided to come to the event. He said NACA struck a deal with his lender, Wells Fargo. With $55,000 deducted from his principal, his monthly payment lowered by more than $500.

NACA CEO and Founder Bruce Marks said this is what they do. "We're the most effective in saving homes and getting an affordable mortgage payment then any other organization in the country."

Marks said NACA contracts with the major banks, many of whom have representatives at the five day event.

To be qualified, you must be the owner and occupant of the home, are unable to afford your mortgage and not own any other properties.

Marks said there is no cost to the homeowner, so how does NACA travel the country doing seminars and pay employees?

"We get grants and if someone gets an affordable solution and they make their payments on time for three months we get paid by the lenders, so we get paid for results."

NACA critics said it all sounds too good to be true. But Marks said NACA has helped more than 200,000 people with an 80 percent rate of success. He acknowledges 147 homeowner complaints in the last three years, but said all have been resolved.

"Everything is free so people have everything to gain and nothing to lose."

Nothing to lose but time, if NACA can't help you.

But Gregory said getting out from underwater on his house is a feeling he can't describe.

"It's a dream saved, it's a dream saved. Just like they said, it's a dream saved."

The best way to avoid a scam is to get anything you're promised in writing, and to not pay for anything you haven't received.

NACA will be at the Cook Convention Center through Monday.

For more information on NACA, visit www.nacalynx.com