Tuesday, October 21, 2008
HOW DOES NACA HELP 'AT RISK' HOMEOWNERS
"HOME SAVE IS NACA'S BAILOUT FOR MAIN STREET"
The Home Save product is the most effective solution for homeowners with an unaffordable mortgage. All of NACA's services for homeowners facing foreclosure are completely FREE.
Q: What is Home Save?
A: Home Save is a mortgage restructure. NACA will work with the homeowner to determine a monthly payment they can afford. A Home Save is not a refinance. You will keep the same lender/servicer that you currently have. The only thing that will change is that your mortgage will become more affordable for the life of the loan. NO CASH OUT OPTIONS.
Q: How does NACA help the homeowner determine an affordable monthly payment?
A: A NACA mortgage consultant will meet with the homeowner to create a budget.
Q: How will creating a budget help save the homeowner from foreclosure?
A: The budget will identify the income and the NECESSARY expenses for the household. The homeowner's budget will be verified and submitted to the lender ELECTRONICALLY. The member's detailed hardship letter along with income verification and mortgage documents will also be sent to the lender/servicer ELECTRONICALLY.
Q: What are the ELIGIBILITY requirements?
A: You can only own one (1) property
You must have verifiable income
You must live in the property
You must attend a NACA workshop
(unless you live 100 miles or more away from a local office)
Q: What paperwork do I need?
A: Most Recent Tax Return, W2 or 1099, 90 days bank statements (6 months if self-employed), mortgage statement, property tax information, homeowner's insurance, SSI/SSD/Pension year end statement and 30 days of the most recent paystubs.
Q: How does it really work?
A: NACA has a staff of Home Save specialists, located in Memphis, TN, with years of Loss Mitigation experience from a number of lending institutions. Once the mortgage consultant has counseled the homeowner, the Home Save specialist will review or underwrite the file. If the file has all the documentation needed, the Home Save specialist will forward it to their contacts at the Lender/Servicer of the homeowner. Once the lender/servicer has received the file, NACA Home Save specialist(s) begins advocating aggressively on behalf of the homeowner. If the lender/servicer does not agree to the restructure solution, the Home Save department will contact the Investor who made the mortgage possible. We don't stop until we get what we want.
Q: What if I have an AUCTION DATE?
A: If you have an Auction date, you must submit your auction date online under 'URGENT SITUATION' when submitting your other information. NACA has effectively postponed several auctions by contacting lenders/servicer directly. We advise the lender/servicer of the pending restructure solution (Home Save) on file. NACA has an 87% success rate in preventing foreclosure.
Q: How do I access NACA's services?
A: visit www.NACA.com and register for and attend a workshop. If you do not have access to a computer you can register over the phone at 1-888-302-6222 then option #2.
Q: How do I get an appointment?
A: If you live near a NACA office (less than 100 miles away) You must register for and attend a workshop. Registration can be done on the webiste at www.NACA.com or over the phone at 1-888-302-6222 then option #2. After you have attended the workshop, you will submit your information online at www.NACA.com. You will receive a NACA ID and password. You will then be able to schedule an in person appointment in the local Nasvhille office on MONDAY or TUESDAY ONLY. Phone counseling appointments are available at your convenience with our call center staff. NACA has established two (2) call centers to meet the overwhelming demand for Home Save services. NACA call centers are located in Boston, MA and Charlotte, NC.
Q: What if I don't have access to a computer?
A: NACA's position is to eliminate the digital divide. NACA knows that access to the internet is access to information. You will be asked to utilize a computer and internet throughout the NACA process. Area libraries have free access to the internet as long as you have a library card. A library card in Davidson County is free. If you lose or mis-place your card the replacement cost is $1.00.
Q: What if my credit is bad? What if I am behind on my payments? What if I am current on my payments? What if I was laid off? What if I don't have a predatory loan? What if I am in a Ch. 13? What if I've filed Ch. 7?
A: See Eligibility requirements above.
Q: What if I've already signed a loan modification or I am already working with my lender?
A: NACA realizes that many homeowners have not had many options to choose from regarding their unaffordable mortgage. As long as you meet the eligibility requirements noted above NACA will be happy to assist you. It is important, however, that you know your NACA budget, communicate your NACA budget to your lender and IMPLEMENT your NACA budget moving forward.
Q: What if I have a pre-payment penalty or other fees that have been added to my loan?
A: NACA is against all predatory lending practices. When NACA advocates on your behalf, we will negotiate your principal balance and interest rate. We aggressively advocate to have any predatory fees or penalities removed from your loan.
Q: What can I expect as far as customer service?
A: NACA's Nashville office will return your phone call within 24 business hours. If your voice mail request is for general information about the NACA Home Save product or questions regarding your individual situation your voicemail WILL NOT be returned. Demand for NACA services is extremely high. Everyone and anyone even slightly interested in NACA's services will be directed to the website or to a free workshop for more information. NACA encourages feedback regarding it's services. You can provide feedback online at www.NACA.com or by calling 1-888-302-6222 then option #1.
Q: What about status updates? How often will I get them?
A: Once your file is submitted to the lender, your mortgage consultant CAN NOT request a status on your file for 30 business days. At 31 business days your mortgage consultant can email the Home Save specialist assigned to your file. The Home Save specialist will update your file with any new developments. You can always log in to your account with your NACA ID and password and check your status anytime. In addition you can call 1-888-302-6222. Moving forward, you will need to keep your email address updated as it will be NACA's PRIMARY means of communicating with you. If you do not have an email address, one will be provided to you.
Q: How long will this take?
A: NACA's services ARE NOT GUARANTEED. Homeowner's will be expected to advocate on their own behalf by contacting their politicians and the CEO's of their lending institutions. Politician contact information can be located on the NACA website: www.NACA.com. The Home Save process can take from 90-120 days.
Q: If my Home Save Solution is accepted by my lender, what do I do?
A: The Lender will send you official loan documents in the mail. You should review them with an attorney to ensure that you understand them. If you understand them AND agree to the terms, you should sign them and submit them to your lender. The paperwork will explain your new payment amount, due date etc.
Q: What does NACA ask of me?
A: NACA asks that you participate in five (5) advocacy events. Advocacy events are volunteer opportunities that you feel comfortable doing. For instance, you may attend a local workshop and tell others how NACA was able to assist you. You may speak with the members of your church or organization about hosting a free Homebuyer workshop. You can volunteer in the local office or put a NACA Yard sign in your yard. The decision is yours. Your participation is CRITICAL to help us get the word out to others in need.