NACA Approach to Mortgage Modification and Home Buying
by Chris C. from Detroit, Michigan
Ask Kate about the NACA junkyard approach to mortgage loan modification and low-to-moderate income home buying: Chris wrote asking how to prepare for a mortgage modification. He mentioned that he might ask a NACA advocate to assist in the process. This led me to look up NACA, who has a feisty approach to dealing with loan servicers and holding big-box banks' feet to the fire. I like what I read.
Ask Kate: Need Mortgage Modification after Unemployment Forbearance By Chris C. from Detroit, Michigan
I was approved for a unemployment forbearance and it is now over. I need to be modified so I have called the mortgage company and am awaiting paperwork that is being sent.
I was also considering in contacting NACA for assistance in the matter.
I would appreciate any advice that you may have. Thanks in advance.
Kate's Answer: Need Mortgage Modification after Unemployment Forbearance
I'm happy to hear you were helped by HAUP, the Home Affordable Unemployment Program that takes the sting out of losing a job by suspending or reducing mortgage payments for a year, or even longer.
I looked up NACA (Neighborhood Assistance Corporation of America), not being familiar with the non-profit organization you mentioned in your letter. I took pleasure in the statement on their website, a pointed warning to big-box banks: Predatory Lenders Beware!
Not surprisingly, they say that they take the junkyard approach as they fight to protect struggling mortgage borrowers. That is, once they tackle a lender, they don't let go. I like the sound of that!
Who is Neighborhood Assistance Corporation of America - NACA?
Neighborhood Assistance Corporation of America says their main purpose is to promote affordable housing that will strengthen US neighborhoods, which sounds much to me like the original mission statements of FHA and USDA Rural Home Loans.
They are located in Boston, Massachusetts but have offices across the country. By the way, the phone number for their Detroit office is 281-204-6222.
What Does NACA Do?NACA's Home Save Program:
In order to carry out their mission, they state that they have a 2-fold plan. They counsel struggling homeowners and work with loan servicers to achieve affordable mortgage solutions at NO cost to borrowers. Besides pursuing mortgage restructure (loan modification), they also provide property renovation and home repair assistance when deemed necessary or appropriate. Struggling homeowners can contact NACA's HomeSave Department at 801-401-6222 to be assigned an advocate.NACA's Best in America Mortgage:
Secondly, NACA originates affordable mortgages for low-to-moderate-income home buyers with no points, no fees, no down payment, and either a 30 or 15 year below-market fixed rate. Perfect credit not required. You can call NACA’s Member Services at 425-602-6222 for more information.
What's My Take on NACA?
Please understand, I am not vouching for NACA as I have no personal experience with them. But I find their approach refreshing, at first glance. I hope if you use their services, Chris, that you will write back to let me know what you think of NACA.
How to Modify Your Mortgage
Now for tips on surviving the modification process. Much like originating a mortgage, you want to be timely and thorough in providing required paperwork. But more specific to the modification process are the tips you will find at Ask Kate how to Convince Your Bank to Modify Your Mortgage
Best wishes, and again, please let me know of your progress,
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