NACA Ofices Closed for American Dream Convention

All NACA offices will be closed so our staff can attend the American Dream Convention going on through February 18 in Washington DC.  Most staff members will be checking emails through the period, but response times will be longer than normal.

Additionally the National Counseling Center in Charlotte is closed for the duration of the event and will reopen on Tuesday, February 19th. 

We apologize in advance for any inconvenience this may cause while our staff participates in continuing education and advocacy efforts in support of our mission.

 Tim Trumble
Online Operations, NACA
ttrumble@naca.com
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6 Comments

  1. Richard Kepler
    Posted February 11, 2013 at 2:07 pm | Permalink

    I need to talk to someone about my case today ASAP. This is an emergency and I have emailed new information regarding my property. I have a NOD notice that the 90 days is up in two days.

    • Posted February 11, 2013 at 10:02 pm | Permalink

      Hello Richard Kepler,

      Until an actual auction date is assigned, documents such as those you have received are little more than fancy collection letters.

      Please refer to the e-mail you have been sent.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

      P.S. Please remember that posting any personal information, including your NACA ID, phone number, etc. is a violation of Forum policy. The NACA Forum can be viewed by anyone on the internet, and posting such information puts you at risk of identity theft.

  2. kqthomas
    Posted February 11, 2013 at 7:31 pm | Permalink

    Hi Tim,

    What does this mean for members that are waiting on HAND’s blessing for CTC? I settle in two weeks and have submitted everything for my final budget. Does this mean that I lose 1 week before my file gets back in Citi’s hands?

    Thanks,
    Keisha

    • Posted February 11, 2013 at 10:15 pm | Permalink

      Hello qthomas,

      Unfortunately, with the entire national staff in Washington right now, it will mean a delay. HAND should be back at work next Monday, February 18th and will no doubt prioritize time-sensitive files as soon as they return.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  3. Sid
    Posted February 14, 2013 at 8:37 am | Permalink

    Hello,

    What is the requirement to be eligible for the Home Save Program? I plan on attending the American Dream Convention this weekend, but I’ve never been late making payments, I am just underwater. Many of the programs I see available are for homeowners who are behind or having trouble making payments, neither of which I fall to. I expect a lot people to attending the convention this weekend and just don’t want to waste my time. Any guidance would be appreciated. Thanks.

    Sid

    • Posted February 15, 2013 at 9:34 am | Permalink

      Hello Sid,

      The sad fact is that it is much harder if not impossible to get a modification when the mortgage is current. The bank cannot see that you are sacrificing elsewhere to do the right thing and meet your obligations. All they can see is that you are making the mortgage payment on time every month. It becomes a case of “actions speak louder than words”. You may apply for a modification, but the fact that you pay your mortgage every month tells them that you do not have a problem paying because you ARE paying.

      I have seen many cases where people actually borrow money from another source to make the mortgage payment. When people borrow money to make an unaffordable mortgage payment, they make TWO huge mistakes: First, by making the payment, they again tell the bank that they can make the payment without problem, because they ARE making the payment. Second, by borrowing money for the payment, they are only transferring debt from one source to another. Any consumer or financial advisor will tell you that is a guaranteed path to disaster. You now have two debts you can’t pay back instead of one.

      That being said, NACA will never tell you to not make your mortgage payment if you can afford to. Responsible home ownership is the foundation of NACA’s mission. But many people who can’t afford the payment make a mistake by draining their 401-K, credit cards, etc. to make the payment. Eventually it will only make the problem worse since you make it harder to get a modification and you are also depleting your retirement or creating another huge debt you can’t afford.

      Many servicers and/or investors do have a “gray area” called Imminent Default. Basically, you must prove that you are about to go past due on the mortgage and cannot do anything about it, and one of the “Three D’s” must also be a factor: Death, Divorce or Disability. Reduced income through unemployment or business decline will not qualify.

      Most investors, including Fannie Mae, do require that the mortgage be at least two months late or qualify under Imminent Default. In some cases, the lender can grant a three month forbearance if you can show genuine hardship but are still current. This allows the loan to technically become delinquent and thus become eligible for modification when it would not otherwise. The only way to find out if this can be done for you or any individual is to try.

      Additionally, simply being underwater is not grounds for a mortgage modification. Nowhere in your mortgage documents does it state that the bank takes responsibility for the value of the home. Most principal forgiveness has been done to mortgages that are clearly predatory in nature, such as interest-only and negative-amortization loans. You may well be a better candidate for refinancing than a modification.

      None of that should discourage your from trying however. Every single situation is different, and again, the only way to find out for sure is to try. The vast majority of people who come to NACA looking for help are honest hard working Americans who have run into trouble through absolutely no fault of their own. These are people who want to meet their obligations but are in need of some help to get back on track.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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