Has anyone used NACA for home loan modification?

[DreamDelta]

Hi all! Has anyone ever used NACA (Neighborhood Assistance Corporation of America) for a home loan modification? It's for folks who are struggling to pay their mortgages AND for those of us who aren't exactly struggling but could use a lower interest rate and a lower monthly mortgage payment.

I just wanted some feedback, positive or negative, on the program.

 

[pixiewings71]

I've heard of HAFA (my sister used them) but not NACA. I would be interested too tho, since I lost my job it's become increasingly difficult to make all of our monthly payments...we are but it's hard.

 

[KerBear]

I work for a mortgage company and I can tell you that they are a legit non profit. I don't know how good they are, but my bank works with them directly to assist homeowners.
Just make sure that you understand what you are agreeing to when you do something. I had a customer a while back who had been helped by NACA and told she could make partial payments for 6 months, which was great, what no one told her and was in the small print was that at the end of the 6 months the balance was due in full, and while she was making the special payments her credit would be hurt.
Also, have you tried working directly with your bank? Many of them are participating in federal programs to help homeowners. And lastly, you can call HUD and they can refer you to a local non profit to assist you with modifying your mortgage.
Good luck, it's a bit of a drawn out process, but can be a huge help!

 

[maefly]

We gave up on NACA. They need a lot of info and you have to keep calling and seeing if they have all they need, then you get to the point where you're almost done and do a phone consultation and sometimes that's a month out and all the stuff you sent is now out of date so you have to send more stuff out...we got the hang of it and kept sending in our paystubs and updating our expenses etc but we'd sign up for a phone consulation session ( mandatory) and they would never call!! One person suggested reserving several times in a row for phone consults in hope that you'd get at least one...and we'd be waiting by the phone for 3 hours. My sanity couldn't take it anymore so we cashed in some savings and paid what we were behind on with our mtg....but still to this day would love it if our payments were lower...but we couldn't get NACA to keep their appts and each time you call you get a different person who doesn't really know what you've already been told and often are told different things by different people.

It worked for many people, from what I read on a forum called Loansafe.org. But I personally couldn't take all the miscommunication so I gave up on them. We signed up in March and ( years ago) and in September we still hadn't been submitted to our lender for consideration because we couldn't get the phone consult to happen.

 

[djgeffers1]

I have been working with BOA for a year now trying to get the home modification we got as far as them lowering our payment by $100.00 while they look at it for approval. I really don't think they want to help anyone because for the last 6 months all I get is they are still reviewing our paperwork and I don't know what else to do but wait I guess.

 

[Boardwalk33]

Great question.

 

[DreamDelta]

We gave up on NACA. They need a lot of info and you have to keep calling and seeing if they have all they need, then you get to the point where you're almost done and do a phone consultation and sometimes that's a month out and all the stuff you sent is now out of date so you have to send more stuff out...we got the hang of it and kept sending in our paystubs and updating our expenses etc but we'd sign up for a phone consulation session ( mandatory) and they would never call!! One person suggested reserving several times in a row for phone consults in hope that you'd get at least one...and we'd be waiting by the phone for 3 hours. My sanity couldn't take it anymore so we cashed in some savings and paid what we were behind on with our mtg....but still to this day would love it if our payments were lower...but we couldn't get NACA to keep their appts and each time you call you get a different person who doesn't really know what you've already been told and often are told different things by different people.

It worked for many people, from what I read on a forum called Loansafe.org. But I personally couldn't take all the miscommunication so I gave up on them. We signed up in March and ( years ago) and in September we still hadn't been submitted to our lender for consideration because we couldn't get the phone consult to happen.

Several people that I know that have gone through the proccess have told me it is lengthy and quite tedious. A friend of mine that went through NACA had her mortgage lowered by over $1000! If I could get my mortgage lowered by even a few hundred dollars, I would be elated! I just hope that I don't have the same experience that you had!

 

[DreamDelta]

I work for a mortgage company and I can tell you that they are a legit non profit. I don't know how good they are, but my bank works with them directly to assist homeowners.
Just make sure that you understand what you are agreeing to when you do something. I had a customer a while back who had been helped by NACA and told she could make partial payments for 6 months, which was great, what no one told her and was in the small print was that at the end of the 6 months the balance was due in full, and while she was making the special payments her credit would be hurt.
Also, have you tried working directly with your bank? Many of them are participating in federal programs to help homeowners. And lastly, you can call HUD and they can refer you to a local non profit to assist you with modifying your mortgage.
Good luck, it's a bit of a drawn out process, but can be a huge help!

Thanks for your input!

 

[brooklyn615]

We used NACA when we bought our house, that was six years ago. I wioll say that the process took a little while but we knew that going into the program. The idea behind why they help is a good one and we wanted to make sure that we could afford a home, not buy one out of our range, even if the bank ok'd a large loan. We haven't had any problems and it did help us get a fantastick interest rate. By the way, we had a simple closing also, we didn't have to go downtown, we just went to the NACA office and did the paperwork there.

Good Luck!

 

[Kellydelly]

Several people that I know that have gone through the proccess have told me it is lengthy and quite tedious. A friend of mine that went through NACA had her mortgage lowered by over $1000! If I could get my mortgage lowered by even a few hundred dollars, I would be elated! I just hope that I don't have the same experience that you had!

I thought modifications were for people experiencing hardships? I was looking into NACA last year when my husband lost his job, but it seemed hit or miss if people were actually getting anywhere with them (and or their lenders).

 

[tnmt]

Why don't you just refinance your mortgage thus getting lower payment each month and lower interest rate. That is what we did. With a loan modification I think it puts a dent on your credit record, but I am not completely sure about that.

 

[pixiewings71]

Why don't you just refinance your mortgage thus getting lower payment each month and lower interest rate. That is what we did. With a loan modification I think it puts a dent on your credit record, but I am not completely sure about that.

Not everyone can refi right now. We were not able to refi, our income had dropped by almost 60% and we had recently purchased a new car, too much debt to income for a refi. Our mortgage company told us they couldn't help us until we missed payments, we are now in the process of doing a loan mod thru the mortgage company. We have been approved for payments that are lower by almost $1000 a month and we enter the trial period for that next month. We find out in March/April if we are approved for the mod or not.

 

[disneygirl 17]

I have been working with BOA for a year now trying to get the home modification we got as far as them lowering our payment by $100.00 while they look at it for approval. I really don't think they want to help anyone because for the last 6 months all I get is they are still reviewing our paperwork and I don't know what else to do but wait I guess.

If they deny you - you will have to pay back every bit of money between your trial payment and your regular payment plus late fees. Just a warning - my DH got a job so we were declined - after 5 months and guess who had to pay $200 in late fees. Nothing shows up late on our credit but by B of A standards we were late so even though we have a credit score of 835 we can't refinance. We tried to go through another lender but our house won't appraise for high enough so B of A doing the refinance up to 125% is our only hope after their "late payments" are more than one year old.

In the mean time my DH boss gets a call - you qualify for this reduction product and his mortgage company lowered his payment by $200 a month...he didn't even call them - they called him.

vent over -

 

[SweetPeasMom2]

Just a warning - my DH got a job so we were declined

And we were denied because my DH DOESN'T have a job.

I have come to the conclusion that BoA doesn't have a freaking clue as to what they are doing. They just are randomly pulling answers out of their hats and whatever it says, they do.

 

[stephgles]

We did a home modification last year with our mortgage company. During the trial bases my mortgage company was sold to another company. On the last month of the trial period I was to make the new payment to the new company only to find out they havent received over the full file yet so there was issues making the last payment to them. I contacted www.makinghomeaffordable.gov and they were super. They got me the results that I tried to get during 5 phone calls alone.

I never heard of the company you are looking into but suggest either going through you current mortgage company and double check bbb when going to other companies.

I wish you nothing but the best with our modification it brought my payment down a little over 1/2 of what I use to pay.

 

[johnson742]

Bankruptcy Loan Modification

Under the Home Affordable Modification Program (HAMP), families who are plagued to collect their mortgage payments can attain their accessible mortgage agreement get modified. This modification can grab the form of either reduced payments, reduced interest rates, or an addition of the loan term. Normally, you can get a jumble of these.For those whose household income exceeds the state median, the means test computations get significantly more complex. You must determine whether you have enough income left over (called "disposable income"), after paying your "allowed" monthly expenses, to pay off at least a portion of your unsecured debts (such as credit card bills).

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