Meet Neighborhood Assistance Consulting Agency!
Neighborhood Assistance Consulting Agency, is a non-profit organization that has provided education and assistance for people in financial transitions and/or foreclosure (Nationally certified through NeighborWorks America) for over 10 years. Inna Tobak, their Executive Director and new full-time member at Park, shares more about their mission and what is happening in their business below!
Our Vision is to become the premier resource for financial education within the communities we service. We assist with an affordable workout for Homeowners with credit history that are challenged by mortgage delinquencies, major medical problems and life events such as divorce or death of a spouse. Homeowners receive counseling and assistance from the moment they walk into the office until they get an affordable resolution to their housing issues. Our goal is to help them get a fresh start financially.
Services provided include:
· Negotiation of an affordable monthly mortgage payment or discounted pay off or short sale through their lender’s loan modification programs
· When a loan modification fails or cannot be negotiated, homeowners will be evaluated for an affordable proprietary “Lease to Own” option in their home or in a new property they choose; homeowners must meet hardship and financial qualifications
· Assistance for a Surviving Spouses or Beneficiary arranging an affordable lower monthly mortgage payment and/or the Note assumption process that places their name on the loan. This process allows Surviving Spouse or Beneficiary to continue residing at their current home while making an affordable monthly mortgage payment going forward
· Assistance addressing Second Mortgage Maturities when there is an unexpected demand for payment in full by working with attorneys and lenders through the settlement processes
How We Serve the Community:
Unfortunately, the COVID-19 pandemic is creating many of the same challenges the Twin Cities and beyond faced during the financial and housing of 2008. The looming foreclosure and eviction threats posed by COVID-19 and the current economic downturn parallel those earlier challenges in:
1. Neighborhoods: A variety of areas in Minnesota suffered serious challenges as a result of foreclosures with significant increases in vacant homes, drops in revenue, decline in property values and the problems related to neighborhood decline. By helping to keep existing homes occupied and providing new residents for previously foreclosed properties, Neighborhood Assistance Consulting Agency helps stabilize the areas in which it works.
2. Families: Neighborhood Assistance Consulting Agency targets families who have experienced significant economic distress and/or personal financial issues related to job loss, illness, divorce and death. These families are often to obtain affordable, quality housing because of their financial history. Neighborhood Assistance Consulting Agency working with Homeowners helping these families to rebuild their financial lives, learn to live within budgets and garner affordability, quality housing in their communities.
3. Lender and Investor: Lenders and investors are faced with both the problems related to defaulted loans but also the time delays and cash expenditures involved in foreclosure proceedings, auctions, evictions, rehabilitation of properties and re-sale expenses. Neighborhood Assistance Consulting Agency is helping lenders and investors receive immediate maximum value for their defaulted loans and/or real estate owned through quick, market value property sales. In that way will provide a Lender with a fast resolution for a distressed asset. This is critical to our goal of working with lenders and inventors that work within the Home Affordable Foreclosure Alternatives.
Connect with Inna at neighborhoodassist@gmail.com, phone 612-922-4266 or by visiting their website: www.NeighborhoodAssistUS.org
