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The program is put on by a national group called Neighborhood Assistance Corporation of America, or NACA. The group’s founder, Bruce Marks, is reporting a success rate that’s hard to believe.
“We’re currently going through the actual numbers from the lenders here but many thousands of people are doing that and over the next 30 days we expect 80 percent will have that (loans modified).”
Marks insists many homeowners will have their interest rates reduced to four, three, or even two percent. And Marks says after a successful trial period the rate will be locked in for the duration of the mortgage. “In four months, the permanent (rate) kicks in.”
Sound too good to be true? Representatives from the AG’s office showed up Friday to ask some questions. Following the questioning, reps from the office said they are unfamiliar with NACA and cannot verify its claims.
