Has anyone had any success with NACA?

[jtallerie]

I went to an event held by NACA, (Neighborhood Assistance Corporation of America). They are said to be successful in helping distressed homeowners in obtaining an affordable mortgage payment.

I was wondering if anyone has had any success in being able to modify their mortgage with help of NACA?

I spent all day Tuesday at the event. I am going to speak to a counsler in the morning (8:00 am appointment).

I think this is going to be my last hope to save my home!

[LadyDoveFL]

I have been trying to work through NACA for over 18 months, starting just before my job was eliminated last year. I'm in Florida and my area has been well above the national average in unemployment rate; long-story-short, I'm still unemployed and just simply can't afford any payment amount (I'm also around 50% underwater, so if-and-when I do find employment, I will likely end up walking).

Last November, I applied through NACA for a 6-month no-payment forbearance; never happened! I did manage to get a 3-month forbearance on my own through a Home Foreclosure Avoidance workshop sponsored by a local congressman. Correspondence for the upcoming balloon payment due date has been through my webfile on NACA, but WF doesn't seem to read any of the emails to them that I have placed in the webfile.

On the loan-related forum where I first learned about NACA, there are many who have gotten modifications thru NACA and there are many who have not. The one common thread on the successful mods is that not one modification includes a principle reduction! NACA does advocate to keep the same terms as far as number of months left in the original loan (i.e., 30-year loans aren't stretched out to 40 years, but the lender doesn't frequently follow NACA recommendations).

Supposedly, if the mod offer doesn't reduce your payments enough to reduce your hardship, NACA will advocate on your behalf. And I've seen postings in the forum on the NACA website where NACA people stepped in to stall an impending foreclosure sale...

[jtallerie]

Thanks for your response!

I also live in Florida, Palm Beach county. It is very hard to find a job making a living wage. I was out of work myself & did manage to find work @ a 40% pay cut. Since I am back to work I am looking to put my arrears on the back end of my mortgage & just pay & stay. I am not able to pay the arrears. I don't know if the bank is going to work with me.

I purchased the home in 2006 & paid $325, I owe $251 & I just got my tax assessment it is now worth $167. Very scary!

[goodyphilips]

I think NACA would be able to help you.see the link here, https://www.naca.com/about_naca/naca...?language=null