NACA Home Loan Modification Program Working as Alternative to Making Home Affordable Government Program
Posted on | July 23, 2010 | 3 Comments
Today in Washington, DC there is a huge home loan modification event but it is not from the government sponsored program Making Home Affordable. Instead, it is from the Neighborhood Assistance Corporation of America. The NACA home loan modification program is attempting to help thousands of homeowners lock in to a lower mortgage payment on their current home loan. CNBC has reported that there has been a line all day for borrowers to have an opportunity to speak with a representative about a home loan modification.
The success rate for NACA has allowed many homeowners the opportunity to modify to a lower payment even if the Making Home Affordable plan has not worked for them. There is very little argument to be made that the Making Home Affordable plan has guidelines, many of which had to be adjusted to get more homeowners into permanent modifications.
Information about NACA is as follows from their website:
“The Neighborhood Assistance Corporation of America (“NACA”) is a non-profit, community advocacy and homeownership organization. NACA’s primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made the dream of homeownership a reality for thousands of working people by counseling them honestly and effectively, enabling even those with poor credit to purchase a home or refinance a predatory loan with far better terms than those provided even in the prime market.”
Author: Alan Lake
Tags: home loan > Home Loan Modification > making home affordable > making home affordable mortgage modification > mortgage modification > naca home loan modification > naca home loan modification program
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3 Responses to “NACA Home Loan Modification Program Working as Alternative to Making Home Affordable Government Program”
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July 23rd, 2010 @ 4:33 pm
NACA IS A FRAUD. DO NOT, DO NOT WASTE YOUR TIME WITH THEM. I HAVE EXPEIRENCED THIS WITH THEM AND MY SISTER AT THE RECOMMENDATION OF A NACA REP, CAMPED OUT ALL NIGHT FOR THEIR D.C. 2010 SAVE THE DREAM TOUR ONLY TO BE FACED BY DISAPPOINTMENT. NACA MAKES YOU OBTAIN ALL THESE DOCUMENTS AND ASKS YOU A TON OF QUESTIONS BUT WHAT THEY PUT DOWN ON PAPER IS NOT WHAT YOUR EXPLAINING TO THEM. OUT OF HUNDREDS OF PEOPLE IN D.C. ON JULY 23, 2010, ONLY 5 HAVE HAD THEIR LOANS MODIFIED AS OF 4PM. THEY TALK A GOOD TALK BY THATS WERE IT ENDS.
July 25th, 2010 @ 2:28 pm
I went to the Save the Dream DC Event Friday. My lender, Litton was present. We have been trying to get a loan modification with them for over 2 1/2 years. They have lost our documentation and finally told us NO after waiting 2 1/2 years for a response. We walked out of the convention center after 8 hours of waiting with a loan modification. They lowered our interest rate from 7.9% to 4.56, they also forgave 75,000 of our debt.
To those who say NACA is a fraud, I can only say they worked for me. Never believe what someone tells you until you see for yourself. Everyone’s experience is not that same. I appreciate NACA and what they did.
July 28th, 2010 @ 10:47 am
Got to the convention center 10pm the night before, camped over night, spoke to media. Waited just like everyone else. I got my solution. Interest rate was 7.87% and $1,600 per month down to 2% and $800 per month. They never promised they can help everyone. They help the MAJORITY and that is what counts. NACA is the real deal. NACA did not create this foreclosure tsunami… hey I tell everyone to give them a chance. They certainly helped me and I will not ever bad mouth them. EVER.