Required Documents for NACA Home Save Program

 Here is an updated checklist for the documents required to create a mortgage modification proposal through the NACA Home Save Program:

Section 1- Required Documents for All Borrowers, Co-Borrowers and Household Contributors

 

 
Last 2 years Tax Returns- Signed and dated.  This includes personal and business tax returns if self-employed.
Last Two (2) Months Bank Statements for all Accounts- All pages even if blank
Personal Identification (picture ID or current driver’s license) and Current Utility Bill showing proof of occupancy
Mortgage Statement- Most recent available
Homeowner Association (HOA/Condo) Fee Statement or if n/a, write a letter stating that you do not have a HOA
Insurance Declaration Page showing yearly premium & coverage on the home, flood insurance statement (if applicable) and proof of any other required insurance for the home.  FYI- Most Condo insurance is covered by the HOA.
Property Tax Statement (s) for city and county, if applicable, showing amount due each year

Section 2 – Required Documentation Based on Income Type

 

Income Type

Required Documentation

Paystubs Last 30 days Paystubs showing YTD earnings
Contribution Non-Borrower Contribution and Authorization Form- to be completed by all Contributors.  Contributors must also provide proof of income, complete form 4506T AND provide the applicable items from Section 1 above.  Borrower must provide two (2) months current bank statements showing contribution income is being deposited.
Rental Current Lease agreement and 2 months current bank statements showing rental income is being deposited.
Self-Employed Most recent  6-month or YTD Profit & Loss Statement; and last 6 months bank statements with business deposits and business expenses identified and categorized, most recent Federal Income Tax Return (form 1040 with all schedules attached, and Business Tax Return:  form 1065, 1120-S or 1120, whichever is applicable.)
Social Security Most recent year’s benefits award letter, last 2 months bank statements (showing money is being direct deposited) or copy of last 2 months cancelled checks if money is not direct deposited
Pension Most recent  year’s benefits award letter, last 2 months bank statements (showing money is being direct deposited) or copy of last 2 months cancelled checks if money is not direct deposited
Child Support Court document or divorce decree showing required payment amount, last 2 months bank statements or cancelled checks proving receipt of income.  Use of child support income is optional.  If included, borrowers must provide the required documentation.
Alimony Court document showing required payment amount, last 2 months bank statements or copy of last 2 months cancelled checks if money is not being deposited
Disability Most recent year’s benefits award letter, last 2 months bank statements showing income direct deposited or copy of 2 months of cancelled checks if money is not being deposited
Unemployment Current award letter or unemployment statement showing amount of benefits and how long benefits will last
Retirement Award letter showing entitlement to income and last 2 months bank statements (show money is being direct deposited) or copy of last 2 months cancelled checks

Section 3 – Other Documents- may be needed depending upon individual circumstance

 

Notice of Sale Date or Intent to Foreclosure
Bankruptcy – Attorney Permission Letter required when in active bankruptcy.  The letter must include:  borrower’s name, property address, loan number, BK case #, and must state that your Mortgage Company has permission to work directly with you in regards to modifying the mortgage.  Borrower must provide the Bankruptcy Discharge Letter when once the bankruptcy has been discharged.
Death Certificate – May be needed if one of original borrowers is deceased
Executor of Estate – May be needed if original mortgager is deceased
Quit Claim Deed – Is needed when one borrower on the note no longer resides in the property and has given up their interest in the property.  Divorce Decree is needed if ex-spouse was on the mortgage.
 
 Authorization to Escrow (required in some states, especially CA)
Lien releases or subordination agreement – needed if liens show on the title report (2nd mortgage, IRS lien, judgments from creditors.

Section 4 – Documents to be completed as part of your Counseling Session

 

Form 4506T, signed and dated
Form 710 for Fannie Mae and Freddie Mac-owned loans, RMA for all Other Loan types
Dodd-Frank Certification
 
NACA Authorization Form with property address written on each page.  Borrower must also initial each page.
 
Hardship Explanation and Affidavit
NACA Budget

 

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97 Comments

  1. martin villanueva
    Posted April 6, 2013 at 10:58 am | Permalink

    Hi I’m interested on buying a house a friend of mine talk to me about this company NACA
    and if i can get in touch whit somebody that can help me out i left my Email

    Thanks
    Martin Villanueva

    • Posted April 8, 2013 at 10:03 am | Permalink

      Hello martin villanueva,

      To find out about the NACA program, please sign up for a Homebuyer’s Workshop by going to our website at http://www.naca.com and clicking on the “Workshop” link under the “HOMEBUYER” heading.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  2. Kathryn Duffy-Olsson
    Posted April 8, 2013 at 1:06 am | Permalink

    Hi… I would like to know if it is possible to modify on my Bof A loan to get a fixed low rate. I did
    secure a modification 2 years ago through NACA in Oakland, and would like to modify for a permanent
    fixed rate.
    I’m currently am unemployed, and have a $1,200 while I am in training school in the medical field.
    My rate is low now……but it is an ajustable rate….I need help with a principle reduction and securing a
    fixed rate. Can you help me secure a fixed rate??

    Thankyou …. Kathryn Duffy-Olsson

    • Posted April 8, 2013 at 9:51 am | Permalink

      Hello Kathryn Duffy-Olsson,

      Unfortunately, if you are unemployed and in school, now is not the time to apply for a second modification. You are virtually guaranteed to be declined.

      Without a verifiable, stable source of income that is sufficient to support the mortgage, your servicer has no grounds to grant a modification since you will appear to not be able to make the payments regardless of the amount.

      Additionally, you do not have an adjustable rate after a modification. You may have received a HAMP modification which can go as low as 2% for the first five years, then gradually increase to the prevailing market rate, where it fixes for the remaining life of the loan, but that is VERY different from an adjustable-rate.

      When you have returned to the workforce, then you may apply for a second modification in hopes of a fixed rate and principal reduction. right now, from what you have written it would be a futile effort that could potentially do more harm than good.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  3. Marlene
    Posted April 10, 2013 at 8:01 pm | Permalink

    I was wondering I have my first loan for 348000 andmy home its worth 360000 but my problem is that I have line of credit thats delinquent . for 250000 I dont know if they help with lines of credit . but if i am haveing a problem paying my first will they help me lower my payment even if im not upside down ..

    • Posted April 11, 2013 at 8:37 am | Permalink

      Hello Marlene,

      Whether or not you are upside down is not relevant in seeking a modification. Your hardship and affordability are the key factors in a modification proposal. However, it will almost certainly require getting the first loan modified before anything can be done about the second.

  4. Carrie
    Posted April 11, 2013 at 3:08 pm | Permalink

    i have a Fannie Mae Backed loan
    serviced By Bank of America

    who has refused to help me with any program
    i am over 200% ltv and severely underwater
    i owe 500k on a home worth barely 200k

    i have asked for a HAMP PRA or FHA short refinance
    they keep saying NO

    what is our best option?

    • Posted April 12, 2013 at 5:28 pm | Permalink

      Hello Carrie,

      After locating and reviewing your file, the best thing you can do for yourself is to update your file and submit another modification request.

      Waiting for Congress of especially the CFPB to do anything is a sure path to disaster. We are presently actively campaigning against Richard Cordray’s nomination to become permanent director of the CFPB because of the agency’s failure to do its job under Cordray’s direction.

      BOA in fact asked for a new submission some time ago, and that is precisely the correct action you should take. You will be receiving an Action Plan detailing the documents needed to update the file. Please submit them as soon as possible and schedule a telephone appointment with a counselor so the file can be updated and a new proposal submitted.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

      • Carrie
        Posted April 15, 2013 at 11:28 am | Permalink

        Thank you so much Tim,

        i will gather all my information and contact a counselor.

        Have a wonderful week.

  5. MICH
    Posted April 15, 2013 at 9:24 pm | Permalink

    MY HUSBAND HAS BEEN UNEMPLOYED FOR SIX MONTHS AND RECEIVES $1800 FOR UNEMPLOYMENT. FROM THE ABOVE MESSAGE DOES THAT MEAN THAT WE DONT QUALIFY ?
    NEXT IF WE HAVE AN UPSIDE DOWN RENTAL PROPERTY, DOES THAT DISQUALIFY US AS WELL? THANKS IN ADVANCE1

    • Posted April 16, 2013 at 8:24 am | Permalink

      Hello MICH,

      Your husband’s unemployment means you will not qualify for a permanent modification at this time. Unemployment is considered a temporary hardship and thus only a temporary solution, such as a forbearance , is possible. That however can be the first step toward a permanent modification once he is back to work and should be pursued through the modification process.

      Where owning a second property did once disqualify you from NACA’s help, that is no longer the case. We will still only be able to help you with your primary place of residence, but at least the second property no longer prohibits us from working with you on saving your home.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  6. sfitchpatrick
    Posted April 24, 2013 at 12:08 pm | Permalink

    how can I participate in the “Home Save Program” I have foreclosure date of May 15.

    • Posted April 24, 2013 at 3:16 pm | Permalink

      Hello sfitchpatrick,

      To get started, simply go to the home page at http://www.naca.com and click on the “Become A New Home Save Member” link under the “HOMEOWNER” heading. You can create your NACA file and start the process there.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  7. kenneth
    Posted April 25, 2013 at 2:49 pm | Permalink

    Hello, I wanted to know me and my ex have not gone to court to file for child support. I have agreed to pay her $1,000.00 to help out with the three kids we have and the one on the way. I have done this with checks out of my account for the past 9 years now. do we need to go to court to prove that income or will this not be needed. we have statements to show this. Also soon she will be on bed rest for a period of time. she is going threw her 4th c section and she is on the 12 month program to getting a loan with you guys. will she still be on the right path or will she have to start all over because of her job status? she is still going to be working but the job she is currently doing she can not do but will go back to that job once off bed rest. even with considering child support, other income and perfect bill payments will she have to start all over if she is on bed rest for more than 30 days?

    • Posted April 26, 2013 at 8:57 am | Permalink

      Hello kenneth,

      You will have to go to court and get an order to prove that the income will be ongoing. You will have to provide copies of the court order and the most recent 12 months of checks.

      Any break in employment over 30 days must be explained. She will need to provide an Letter of Explanation and a copy of the medical order putting her on bed rest.

      With those items, it is unlikely she will have to start over.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

      • kenneth
        Posted July 13, 2013 at 11:43 am | Permalink

        Hey Tim,
        It’s been awhile since you answered my question but thank you for responding. I have another question for you regarding this matter. Will she have to wait till she is off bed rest to purchase a home? Can she purchase while on bed rest, maternity leave and or disability? If she is at her 12 months in December with NACA and the due date for my child is in December does this mean she has till January “30 days off work” to purchase a home? Will she be ok if she gets her pre- approved letter from the banks? Tim, thank you in advance for the reply if I can’t thank you later.

  8. gina
    Posted May 9, 2013 at 11:05 pm | Permalink

    hello, i just signed up. but before i complete the required documents, i was wondering if there is a chance that i can get another modification thru naca. we just got denied for a loan mod under hamp tier 2. here’s our background: chase owns our loan, we live in CA. we got a hamp on sep 2011, 2% for 5 yrs,loan amt is $527k, value is $265k. our first hamp is 2365 P & I incl tax & ins, balloon pymt, no principal reduction, loan life is 30 yrs. we got behind (4 months) due to reduced income. chase said that we only get 1 hamp, no second chances. we really want to keep our home. it will be hard to afford a repayment plan so i was wondering if there is a chance for us to be reconsidered for hamp 2?

    • Posted May 10, 2013 at 10:41 am | Permalink

      Hello gina,

      Your post makes a rather common mistaken assumption, that HAMP is the only kind of mortgage modification. Modifications have been happening since the 1980’s, long before the HAMP program was created. while it is true that you may only receive one HAMP modification during the life of a loan, that does not exclude you from potentially receiving what is commonly referred to as a “traditional” or “standard” modification. The HAMP has become the defacto standard only because the lenders receive an incentive payment from the government for every HAMP modification.

      There are too many variables to be more specific with regard to your situation, but the bottom line here is that you have every reason to go ahead and try again.

      Additionally, since your present hardship is due to reduced income, you may want to see if you qualify for help from the Keep Your Home California program from the California Housing Finance Authority. They have $2 billion in direct mortgage assistance available for homeowners. You can find more information at http://www.KeepyourHomeCalifornia.org.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  9. gina
    Posted May 10, 2013 at 12:31 pm | Permalink

    thank you for your reply tim! i’ve already looked into keepyourcalifornia.org but we do not qualify due to too much income. i will go ahead and try again thru naca.

  10. Posted May 16, 2013 at 8:09 am | Permalink

    Hello Rose,

    Definitely bring your own P&L statements, and you can fill out the form at the event. Best approach to documents is “If you have any questions or doubts about a document, bring it”. Better twenty pages too many than one too few.

    I wish you the best at the event. Please email me and let me know what happens.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

  11. ACampbell
    Posted June 5, 2013 at 1:57 pm | Permalink

    Does NACA lower interest on lines of credit?
    Do you have to have a steady income from both husband and wife to qualify?

    • Posted June 5, 2013 at 3:29 pm | Permalink

      Hello ACampbell,

      If you are referring to a second mortgage/HELOC, the only time NACA is able to work on those is when it is with the same servicer as the primary home loan and the proposal for modification is submitted as a joint proposal to modify both.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  12. Pamela McClendon
    Posted June 15, 2013 at 9:05 am | Permalink

    Hello, I’m currently working with naca and my file has been submitted to BOA on 03/15/13 to request for a loan modification, it has been over 45 days, and I haven’t heard anything from Bank Of America, I even sent them an email requesting for acknowledgement that they have received my file; still no reply. I scheduled another counselor appointment with Naca, and my file was escalated on 05/22 and re-submitted; as of today I haven’t received any reply or acknowledgement of receipt. I need to know what else can I do? my Naca id is XXXXXXX.

    Thank you.

    O

    • Posted June 15, 2013 at 2:12 pm | Permalink

      Hello Pamela McClendon,

      Your file has been referred to our Servicer Manager for BOA for an inquiry.

      Please remember that our Social Media Guidelines state that you should not post any personal information here or in any public forum for your own security. The NACA Forum is a public Forum viewable by anyone on the internet. Do not post any information here that you would not announce on a microphone to a crowd of 20,000 people.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  13. Grace
    Posted June 19, 2013 at 2:28 pm | Permalink

    I’m 2 months behind on my mortgage, is it too late to save my home? I was laid off 6 months ago but now working as a contractor and my income is less than 10% of my previous job.

  14. Posted June 19, 2013 at 6:12 pm | Permalink

    Hello Grace

    No, it is not too late at all. Please go to our homepage at http://www.naca.com, click on the link “Click here to start”. You can establish your NACA file there and set a telephone appointment with a NACA counselor.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

  15. Posted August 1, 2013 at 9:43 am | Permalink

    Hello Karen,

    There’s no denying that you are indeed in a difficult and complicated situation. Ironically, the fact that you are now past due will likely work to your advantage in getting a modification.

    The sad fact is that it is much harder if not impossible to get a modification when the mortgage is current. The servicer 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 be past due or prove that you are about to go past due on the mortgage and cannot do anything about it, and one of the “Four D’s” must also be a factor: Death, Divorce, Disability or Disaster. If the co borrower was not your legal spouse, the investor’s guidelines will determine whether your situation qualifies for Imminent Default. Additionally, reduced income through unemployment or business decline will not qualify.

    Most investors do require that the mortgage be late or qualify under Imminent Default to receive a modification. 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.

    Nationstar is not one of the servicers that have signed a legally binding agreement with NACA, but they do accept our modification proposals and work with us. This can make things a bit more difficult and will likely require more direct involvement on your part as part of the advocacy process.

    If the co-borrower is actually named on the mortgage, he cannot simply “walk away” from responsibility on the loan. Even signing a Quit Claim Deed does not release him from responsibility on the loan, but only declares that he no longer makes any claim to the property. Short of an actual refinance, the only way to remove his name from the loan is called an Assumption of the loan. Because you are past due right now, the servicer will not allow an Assumption. However, some servicers will do an Assumption as part of a loan modification if the investor permits it. This is likely going to be the most confusing and difficult part of the process for you.

    In short, you need to begin the modification process as soon as possible. There is never a guarantee except for the guarantee of failure if you don’t try. You can either submit the necessary documents into your NACA file and schedule a telephone counseling appointment or attend the American Dream Event in Secaucus NJ that runs from August 8th to the 12th. Please note however that Nationstar does to attend our events, so you will not have the potential for a same day solution if you do join us in Secaucus.

    In all honesty, you likely have a battle ahead of you, but it’s one that must be fought if you want to keep your home, so the time to launch your battle plan is now. You will be receiving an Action Plan in a separate email that will outline the documents needed to begin the process. I wish you the best!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

  16. Crystal Dias
    Posted September 14, 2013 at 4:03 pm | Permalink

    We need help! We have a interest only arm loan. Our payments are $5,978.03 and does not include property tax or
    insurance. We want to save our home. All we need is to have a regular fixed loan with lower monthly payments that includes everything. Please help us.
    Our original loan was with Bank of America, which they sold to Specialized Loan Services now.
    We own our home since 1991, which we bought from my parents (my dad built the house). We are behind on our mortgage.
    Mahalo
    Crystal

    • Posted September 16, 2013 at 9:17 am | Permalink

      Hello Crystal Dias,

      If you have not done so already, please log on to the NACA website and create a file for yourself in the section labeled “HOMEOWNER”. Please provide the requested information and submit the documents requested on the website as well. You can schedule a counseling appointment either on line or by calling Member Services at 888-404-6222.

      We wish you the best in your efforts to save your home.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  17. Joice Lewis
    Posted October 30, 2013 at 10:19 pm | Permalink

    My husband and i have a Housing Subdivision in Alabama that went bust during the economic downturn, which caused the houses that we had construction loans on to go into foreclosure one year ago.. Also, a loan was taken on a house we owned outside the subdivision. It, too, was foreclosed on two years ago. We have been able to maintain our personal affairs with our pensions and Social Security and make the monthly payments on the loan we took out on our personal home in California. is it possible to refinance our California home at this time?

    • Posted October 31, 2013 at 7:01 pm | Permalink

      Hello Joice Lewis,

      Just for the sake of clarity, let me first point out that what NACA does is not refinancing (the creation of an entirely new loan to replace the previous mortgage), but modification of the existing loan. There is a significant difference between the two. To refinance, you have to apply through the lender or a mortgage broker as you would with any new loan.

      Since your message implies that your place of residence is the only property you own, NACA can help you seek a modification of the existing mortgage.

      If you are close to Los Angeles or Sacramento, I urge you to attend one of our American Dream Events. We are holding two Los Angeles events. The first started today and runs through next Monday, November 4th. The other will be November 14-18, and both are being held in downtown Los Angeles. We will be in Sacramento next week, November 7-11 at the Cal Expo Center. Details on each can be found at http://www.naca.com.

      Tim Trumble
      Online Operations,NACA
      ttrumble@naca.com

  18. Lisa Robinson
    Posted January 20, 2014 at 9:12 am | Permalink

    I owe more on my home than it is worth. My interest is 6.7%. I am not behind on my mortgage, but I need to modify my loan to lower my monthly payments. I have applied with several banks but the PI holder will not allow me to use the Harp 2.0 program and my credit score is not high enough for some banks. Can NACA help me?

    Lisa

    • Posted January 21, 2014 at 10:45 am | Permalink

      Hello Lisa Robinson,

      NACA will be happy to work with you on seeking a mortgage modification. However, 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 “Four D’s” must also be a factor: Death, Divorce, Disability or Disaster. Reduced income through unemployment or business decline will not qualify.

      Most investors 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.

      To begin the process of working with NACA, just go to our website at http://www.naca.com and use the “Click here to start” link in the box labeled “HOMEOWNERS” on the home page.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  19. Natasha Harris
    Posted February 23, 2014 at 2:53 pm | Permalink

    I’m looking for documents needed for1st time buyers. I’m coming Monday and I don’t want to make that trip if its not for 1st time buyers.
    Can you tell me if there are forms or documents?

    NTH

  20. Posted April 7, 2014 at 2:24 pm | Permalink

    where is the closest office in Nashville, TN that I can speak to someone face to face?

    • Posted April 7, 2014 at 6:30 pm | Permalink

      Hello Pray2day,

      Our local NACA offices conduct our home purchase program. NACA’s Home Save program is done through our National Counseling Center in Charlotte, NC. The entire process can be done remotely by phone, fax and internet.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  21. Posted April 7, 2014 at 2:30 pm | Permalink

    My daughter is working part time due to the fact that she just had a baby, her husband just got back into the work field but he is only part time. The economy is not working in our favor but we are being stabbed by our mortgage company to pay up or else we are homeless. I believe in prayer and so far He has never let us down but I also believe in hard work! What can we do, with your help to remedy to situation? we are currently 3 months behind in our mortgage payments that are not fixed! Please help us we have never been in this situation before! I hope you are the answer to our prayers!

    • Posted April 7, 2014 at 6:35 pm | Permalink

      Hello Pray2day,

      You may begin the Home Save process through our website at http://www.naca.com. In the box labeled “HOMEOWNER”, simply click on the link that says “Click here to start”. You will be able to establish your NACA file, learn what documents are needed and how to submit them to NACA, and how to schedule the required telephone counseling appointment.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  22. Desiree A Ramos
    Posted May 28, 2014 at 1:31 pm | Permalink

    Dear Tim

    I am running out of time with saving my home . It is now at the point where I am going to a summary judgement on 6/12/2014 .
    BOA as well as NACA have not helped me in any way. I have submitted all the papers at least 11 times and all they keep saying is that I do not qualify for any of the government programs !
    I actually work for the government ( in a medical facility ) and owe on my home about 320,000 dollars. It is upsidedown by at least 100,00 dollars or more. I wanted to know should I attend ANOTHER NACA event or shall I just walk away from the property. I really dont want to for I love my home and would love to stay there.

    thanks

    • Posted May 29, 2014 at 9:56 am | Permalink

      Hello Desiree A Ramos,

      First and foremost NEVER WALK AWAY FROM THE HOME! Doing this will create what is called a “zombie foreclosure” which will only turn a difficult situation into a living nightmare for you!

      In reviewing your file, I’m afraid your statement “I have submitted all the papers at least 11 times and all they keep saying is that I do not qualify for any of the government programs” isn’t quite accurate. For example, the last documents received in your file failed to include the last page of the bank statement, which your lender subsequently asked for but was never received in your file. All pages must be included, even if they are blank, to insure that no information is being withheld. That gave them a legitimate reason to decline giving you a modification.

      You very definitely should attend our event currently underway in Miami Beach. This is in fact one of the rare cases where the bank was correct in claiming they did not receive all of the documents required. You can find a comprehensive list of all documents required here on the NACA Forum at http://forums.naca.com/?p=9742.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  23. Dominic Carter
    Posted July 6, 2014 at 2:53 pm | Permalink

    Our loan was recently sold to NationStar.

    My wife and I have separated.(Not legally) I’m living in the house and she has rented an apartment. We are worried that through NACA my income will not be enough to qualify for a house-saving program. How do we handle this? Our NACA application is out-dated. We are also starting the process all over again.

    • Posted July 8, 2014 at 3:20 pm | Permalink

      Hello Dominic Carter,

      First your wife will have to prove that she is no longer living in the home by providing proof that she has established residence elsewhere, such as a utility bill in her name at the new address.

      If your income alone is not sufficient to support even a modified mortgage payment, your only option will be to increase the household income in order to save the home. But you will not know anything for sure until you try for a modification first. Please submit the required documents to your file and schedule a telephone counseling appointment at your first opportunity.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  24. sondra shields
    Posted October 22, 2014 at 10:46 pm | Permalink

    I live in a home that is in my husbands name only. I want to get a home by myself as I am going to divorce him, but I can’t get an apt due to my credit. Can I go through the NACA program to own my own home?

    • Posted October 23, 2014 at 9:33 am | Permalink

      Hello sondra shields,

      Honestly, you are likely going to have problems using the NACA program under your current circumstances. I foresee you having to at least “jump through some extra hoops” in your situation with regard to documenting expenses and demonstrating adequate savings. Your statement “I can’t get an apt due to my credit” implies that you do not have sufficient savings to pay the higher deposit that would be required to get an apartment with damaged credit.

      You also will almost certainly have an obstacle proving your future plans if you are still living in the same house and are not at least legally separated. There have been those in the past who have stated the same intention as a means of trying to trying to leave their spouse out of the picture to avoid dealing with items on the spouse’s credit file or to avoid the rule stating that nobody in the household may have an ownership interest in another property.

      Without knowing the specifics of you situation I cannot say for sure, but the NACA program is probably not going to be your best course of action at this point. If you need help getting out of the home, you may want to contact some local social service agencies and ask about assistance programs. Once you are out of the home, then starting the NACA program would be a much more viable opportunity.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  25. Gary Watkins
    Posted January 9, 2015 at 1:47 pm | Permalink

    Hi Tim, I need some quick help and answers, having a difficult time, paying 1,600 a month I talked my husband into moving (walk away) from our home we loved due to myself not having a job, talking care of 5 grandchildren due to a unforeseen situation, bills backing up so on and so forth. Having talked to others they suggested I seek NACA’s help. It has been a year, December 2014 they’re has not been a letter of foreclosure yet and also, before we walked away I tried with no avail help through the mortgage people, they showed really any interest in helping us. I need to know what to do with my situation and where do I start, this is my first time handling getting the house situated, and go forward with our lives. He is so mad ready to divorce me..

  26. Posted January 13, 2015 at 12:18 am | Permalink

    I currently live with family. CAn I qualify for naca

    • Posted January 13, 2015 at 1:44 pm | Permalink

      Hello flore,

      Yes, you can still qualify through NACA even if you are living with family. The only difference will be documenting what financial contribution you make to the house hold if any and how much savings you will have to show to meet the savings requirements. Your counselor will explain in detail once you have gotten started.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  27. Diana
    Posted April 24, 2015 at 6:50 am | Permalink

    For 2 years, I’ve been renting a home that was previously abandoned for a year. The homeowner gave Power of Attorney to his friend who wrote a lease for me and she has been putting the rent payments in escrow so as to pay back taxes on my behalf so that I may purchase the house. I’m a single mother of an 18 year old Senior in H.S. College is on the way. I’ve been fortunate enough to find an investor who will give me $40,000.00. The house is in need of serious repair. I have a tarp on my roof. It may be only worth $60,000.00. I recently received intent to foreclose. What are my options? This is the home for me.!

    • Posted April 24, 2015 at 1:26 pm | Permalink

      Hello Diana,

      The tax lien will have to be resolved before you can do anything. Other than that, simply sign up for the next NACA workshop in your area and begin the process. We can build rehab funds into the loan for a total loan-to-value ratio of 110% of appraised value.

      You can get more details at the workshop, so I suggest you get started right away.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  28. Lavonne
    Posted June 1, 2015 at 3:12 am | Permalink

    I wanted to know if I could qualify for a loan with only disability and child support. If so around how much will I qualify for. Also if I received section 8 can I also use it to help me purchase my dream home.

    • Posted June 1, 2015 at 3:47 pm | Permalink

      Hello Lavonne,

      Thank you for your message. According to federal law the type of income you receive is not a factor in determining eligibility for a loan as long as the income is legally obtained. So the type of income you are receiving does indeed qualify.

      To determine how much, you will need to go through the NACA process. Please sign up for a workshop, which is the required first step in the process. You can locate and sign up for a workshop at http://www.naca.com.

      Tim Trumble
      Online Operatons, NACA
      ttrumble@naca.com

  29. Tiffany
    Posted June 22, 2015 at 3:17 pm | Permalink

    If I want to participate in the program and I want to buy a foreclosed home and also get money to fix up the home will the program cover both loans or will I have to get a home improvement loan from a financial institution?

    • Posted June 23, 2015 at 9:31 am | Permalink

      Hello Tiffany,

      Funds for repair/rehab of a home can be built into your NACA mortgage so that you only have one loan for everything.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  30. Darlene Davis
    Posted June 24, 2015 at 1:57 am | Permalink

    Hi. I want to prepare to purchase a home within a year from now and hopefully use NACA. My concerns are, the bulk of my debt is student loans totalling around 54, 000 and my car loan which is about 20, 000. Ive researched morgage qualifications and have learned about debt to income ratio. Would I be eligible because my debt is so high? I make around 30, 000 a year.

    • Posted June 25, 2015 at 4:10 pm | Permalink

      I’m afraid it’s impossible to determine your Debt-To-Income (DTI) ratio from the information you have provided since those figures are not used in the computation of DTI. Instead, monthly payment amounts compared to monthly gross income are used.

      However, strictly guessing based on experience, I suspect those debts would not stop you from qualifying. I suggest you sign up for a workshop and begin the process so you can determine the exact details for you situation.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  31. Tiffany
    Posted June 30, 2015 at 1:33 pm | Permalink

    About how long would you say the process is for being “NACA Qualified” I have already been approved for a mortgage loan with a bank and I know time wise this would be a better solution for me, but I know I can benefit from some of the things NACA has to offer as I want to buy a fixer uper. However my apartment lease is up in 7 months and I have heard horror stories about how it can take over a year to get qualified. I have tried to set up an appointment and call to follow up but I can not seem to get a lot of information when I call.

    If your credit is already in good shape and you have your documents in about how long do you think it takes to get qualified to began looking for a home.

    Also, if I want to do the Hand program does this affect the time i have to wait for looking for a home?

    ThANKS!!!

    • Posted June 30, 2015 at 2:40 pm | Permalink

      Hello Tiffany,

      In reality there is no such thing as a “horror story” regarding the amount of time it takes to get qualified, just people who aren’t willing to accept the reality of their own situation and do what is necessary to get qualified.

      Because NACA is a character based program and does not use your credit score, everyone’s situation is different. Some people require more detailed information than others, such as self employed people, and others have issues that need to be resolved before qualification. Not everyone is willing to put forth the effort required to get the job done.

      In addition to what is in your credit file and having documents in place, you will need to show a savings pattern to make sure you can cover pre-paids such as insurance and inspections, plus you will need to consistently save the difference between your rent and your desired mortgage payment for at least three months. If you have already been saving for such items, that can also possibly reduce the time for qualification.

      The role of the HAND department does not affect the amount of time it takes to find a home in that you can start house hunting once you are qualified.

      In short, the only way you can get definitive answers to your questions is to get started in the program right away.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  32. Ryan
    Posted August 4, 2015 at 11:54 am | Permalink

    We have a high interest rate of 6.75%. We are looking to somehow get it reduced but we have a 2nd mortgage that has been charged off with a collection agency and we are currently a month behind on our first with BOA. We had some medical issues that prevented us from paying our recent mortgage (that and my spouse is a teacher with no summer income). Would we be possibly eligible for a NACA home save? Would we have to settle with the collection agency for the 2nd beforehand?

    • Posted September 17, 2015 at 9:36 am | Permalink

      Hello Ryan,

      My apologies for the delay in replying. Please contact the NACA Member Assistance Program at 281-968-6222 so we can work with you on a proposal to modify your primary mortgage.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  33. Posted September 17, 2015 at 9:32 am | Permalink

    Hello Simonem,

    While the business may not have been required to file taxes, you certainly had to file personal income taxes for what you paid yourself from the business. Your personal tax returns and W2’s or 1099’s along with proof of the 501(c)3 status and its P&L statements showing that the profits were below the $50K threshold should be adequate.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

  34. Mrs. Bennett
    Posted November 14, 2015 at 6:27 pm | Permalink

    Hi there, Please do confirm: Has it been done already and or is it really possible to coincide NYCHA Section 8 payments with your NACA REES Homeownership Program; for section 8 recipients to obtain Homeownership in N.Y.C.? Is the Section 8 voucher converted over to Homeownership? Will the Section 8 recipient still be able to utilize their structured Section 8 payments towards their monthly mortgage with the NACA Homeownership Program; or would they have to let go the subsidy in order to move forward with the NACA Homeownership Program? Thanking you in advance for your time ~ Please advise*

    • Posted November 17, 2015 at 9:26 am | Permalink

      Hello Mrs. Bennett,

      NACA can indeed work with those receiving Section 8. Your NACA counselor can give you specifics.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  35. simply
    Posted November 24, 2015 at 3:59 pm | Permalink

    Hi,

    what happens after I sign and return the affordability form? We have submitted all paper work, attended our volunteer session and even improved our credit scores and continue to pay all finances on time. Please advise

    • Posted November 25, 2015 at 8:57 am | Permalink

      Hello simply,

      I’m afraid you make no mention of having had a counseling session, nor do you note whether you are in the Home Save or Purchase program. Please call NACA Member Services at 425-602-6222 to have your questions answered.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  36. Lotus
    Posted December 2, 2015 at 12:03 am | Permalink

    Hello Tim,

    I purchased my home through NACA in September 2010. I am currently 11 months behind on the mortgage. In March of 2014 my husband and I filed for bankruptcy to clear up old debts, a reposed car, and to stop a garnishment but he has not been contributing to the household consistently as agreed (and expected). For many reasons I am seeking counsel, but have not yet filed for divorce, we have 4 children and I need to keep my home. The loan is in my name only, but the deed is in both our names. Is there a way to file for a modification without considering his income? I’ve already started the process with a representative, but I’ve been too ashamed and embarrassed to tell her the entire truth.

    Any advice you can provide is greatly appreciated. I’ve already learned a lot by reading through your column.

    Thanks,
    Lotus

    • Posted December 2, 2015 at 9:40 am | Permalink

      Hello Lotus,

      Not telling you counselor the entire truth is without a doubt the worst possible thing you can do when trying to obtain a mortgage modification. The process works only when you give your counselor your complete cooperation and full disclosure of your circumstances. The single biggest piece of advice I can give you is to tell everything to your counselor.

      I can tell you for a fact that after saving more than a quarter million homes from foreclosure, we’ve pretty much heard everything, so I can promise you that your embarrassment and apparent fear of a judgmental response are completely unfounded.

      Also, withholding any kind of relevant information is incredibly dangerous and can potentially be the cause of you losing your home rather than saving it. The embarrassment of your home being foreclosed upon would certainly be far greater than any (inaccurately perceived) embarrassment over telling your counselor the truth. Our job is to help you save your home, period. We aren’t going to pass judgement on you.

      If your husband is still living in the home, his financial picture MUST be included, regardless of the situation. Trying to manipulate the process by leaving him out of the picture does more to hurt your situation than help it.

      If he no longer lives in the home, he can be excluded from the picture, but you will have to provide proof that he now lives elsewhere, such as a utility bill in his name at the other address. Also, if he no longer lives in the home and are planning on divorcing, you should obtain a legal separation if the laws in your state provide for such. His status on the deed is irrelevant since what we are trying to modify is the mortgage and not the deed. Literally, the only thing the deed and the mortgage have in common is the address written on them. One has no bearing on the other.

      I hope this clarifies things for you. It is imperative that you give your counselor a complete and accurate picture of your situation if you want to save your home.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  37. Tara
    Posted December 24, 2015 at 10:07 pm | Permalink

    Hi, Mr. Trumble. We initially went to a workshop a few years ago in Charlotte, however, we never followed up with a counselor. In that workshop we were told that everyone need to write checks for ALL of their monthly debt, not just their rent payments. This past year we heard from someone that that has changed, and now the only thing that is required as far as writing checks are concerned, is rent checks. Is this true? Thank you!

    • Posted December 28, 2015 at 3:36 pm | Permalink

      Hello Tara,

      Writing checks for your rent has always been the primary means of proving that your rent has been paid in a timely fashion each and every month without fail. While writing checks for your other monthly obligations may not be required, this is still the best way for many people to show that they have paid their other obligations on time as well.

      Remember, you must not have any late payments on your other bills for at least the past twelve months and be able to prove it. If writing checks are how you can prove it, then that is the method you should use.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  38. nicolem
    Posted December 28, 2015 at 6:36 pm | Permalink

    Hello i just wanted some feedback; I am knowingly thousands of dollars in debt but I am also homeless with three children. Would the debt count me out or could me being homeless with them factor me in? I signed up for a workshop but I am just so anxious for this to work for me that I just figured I’d ask. Thank you for your answer.

    • Posted December 29, 2015 at 8:37 am | Permalink

      Hello nicolem,

      Your questions are extremely broad in nature, but in general, neither factor would disqualify you. You may have to spend some time developing a savings pattern, and the level of your debt may well affect how much you qualify for, but neither item would by itself disqualify you from the program.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  39. Sharron Taylor
    Posted April 15, 2016 at 10:37 am | Permalink

    Hello my situation is my ex was the primary on both home and equity loan. In the divorce I got both and now he wants off the loans and I have to refinance which will make my payment much higher and the fees are over the top. Can I go through you guys to do a home loan just in my name? I have employment with the federal government.

    • Posted April 19, 2016 at 1:41 pm | Permalink

      Hello Sharron Taylor,

      Have you contacted the Loan Assumptions department at your lender? Please contact them and inquire about assuming the present loan in your name only.

      Sadly, NACA is not going to be able to help you in creating a new loan. We do not do refinancing of any sort, only the modification of existing loans, which would not by itself remove your ex-husband from the loan. It would only restructure the terms of the existing loan. Likewise, the NACA Purchase Program has a restriction that no member of the household may have an ownership interest in any property to qualify for our program.

      Therefore, the only way in which NACA could be of help to you is for you to work with the bank on an assumption of the loan in your name only. At that point, we could work with you on getting a modification of the existing loan through the NACA Home Save Program.

      If you should have any questions, please call the NACA Member Assistance Program at 281-968-6222.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  40. Kacie
    Posted April 27, 2016 at 10:00 am | Permalink

    Hi , I currently own a home with my mother as I was the cosigner to help improve my credit. We are currently in the process of selling the home in New York . I am newly married and my husband and I would like to consider purchasing a home within the next year or so in the state of new jersey. Would I qualify for the any programs that you offer being that I wouldnt be considered a first time home buyer?

    • Posted April 27, 2016 at 6:47 pm | Permalink

      Hello Kacie,

      NACA’s program is not just for first time homebuyers. The only stipulation is that nobody in the household may have an ownership interest in another property at the time you close on the new home. As long as you get the current home sold, you will be okay.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  41. John
    Posted August 12, 2016 at 4:47 pm | Permalink

    We are currently facing a foreclosure trial. We are collecting the materials for a NACA intervention. Is there a savings requirement to factor into our budget? What should it be? What budget expenses are disallowed?

    • Posted August 12, 2016 at 5:11 pm | Permalink

      Hello John,

      Things are too urgent for you to be concerned with “savings requirements” and so on, which is why there are no such things in the NACA Home Save Program. Neither are any budget expenses “disallowed”. We do conduct a review of your budget and household expenses to help determine what you can legitimately afford to pay for your mortgage, and we will counsel you if something seems out of line from what is considered normal. Again though, your focus needs to be getting the materials together, submitted to your NACA file and then scheduling a phone appointment with a NACA counselor.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  42. Telma Pujols
    Posted November 6, 2016 at 2:44 pm | Permalink

    I just learned of this program and I want to do the application. I don’t know what is required and how to complete the application. What are the steps you have to take? The fact that English is not my first language makes it difficult for me to understand. There are a lot of terms that I don’t understand.Can you help me please?

    • Posted November 7, 2016 at 12:46 pm | Permalink

      Hello Telma Pujols,

      The first step that everyone is required to take is to attend a NACA Home Buyer’s Workshop. Please go to our website at http://www.naca.com to locate and register for a workshop. They are conducted in bot English and Spanish.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  43. K Gipson
    Posted March 31, 2017 at 10:25 am | Permalink

    If I have filed for bankruptcy recently does that disqualify me as a first time home buyer through any Naca program?

    • Posted April 4, 2017 at 10:18 am | Permalink

      Hello K Gipson,

      You may not buy a home through the NACA program until at least two years after the bankruptcy is discharged. We recommend that you start working with us about 18 months after the discharge so we can get you into a new home as soon as possible after the 24 months have passed.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  44. Mariam
    Posted April 5, 2017 at 7:12 pm | Permalink

    Hello,

    I recently just found out about the NACA program and have even signed up for the workshop this weekend. But now as i have read reviews I’m worried about my exact situation. I have been on section 8 for 2 years and right now my rent has gone to zero due to budget cuts at my job. Will i be able to continue this or will i need to be off of section 8 completely?

    • Posted April 6, 2017 at 9:37 am | Permalink

      Hello Mariam!

      Actually, quite to the contrary, being on Section 8 is just fine! In fact, make sure to ask about the “Section 8 to Home Ownership” program, under which your Section 8 funds become part of your mortgage payment and you own your home free and clear in under 15 years!

      You should be excited about the workshop this weekend!

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  45. Posted May 30, 2017 at 11:45 pm | Permalink

    Hi… I received a modification a few years ago with the help of NACA. The lenders computer system was never updated to reflect my new contract dates. I missed a payment and was back at being 4 months late (foreclosure). I was only 1 month behind. Will NACA be able to assist me again with a new modification to save my home?

  46. Coryn
    Posted June 25, 2017 at 2:33 pm | Permalink

    I am a teacher on summer break. I will be receiving unemployment over the summer because I will not be doing summer camp this year. Will I still qualify for a mortgage?

    • Posted June 26, 2017 at 5:40 pm | Permalink

      Hello Coryn,

      Write a Letter of Explanation regarding the situation and you should be fine. Also include documentation that you will return to your teaching job in the fall. Please be aware that it may affect your qualification amount since the unemployment benefits will likely be less than your regular salary, but as long as you are going back to the same teaching job this fall, you should be fine.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  47. Erica
    Posted August 30, 2017 at 5:04 pm | Permalink

    Can you be approved if you Get paid cash? In other words no proof of income? And what about not having a bank account?

    • Posted August 31, 2017 at 11:41 am | Permalink

      Hello Erica,

      Unfortunately, while you can be qualified if your have a cash-for-services income, you must have a bank account to be able to track that income. Without a bank account and the ability to verify your income, you cannot qualify through the NACA program. “Stated Income” loans (which were also referred to as “liar’s loans”) were a key part of creating the housing bubble and resulting economic disaster.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  48. Jenean
    Posted September 16, 2017 at 11:45 am | Permalink

    If me and my husband credit is already good would that help with the interest rate? and the home we live in is a family home, which we purchased over 5 years that we will sale are rent out once we buy another home we was approved for a loan but we couldn’t get caviars because of a student loan that was default which I now have only one more month to be done with rehab

    • Posted September 18, 2017 at 10:54 am | Permalink

      Hello Jenean,

      Everyone in the NACA program gets the same fixed, below-market interest rate. You will have the opportunity to buy down the interest rate to virtually zero, but the beginning rate for everyone is the same. Today’s rate (9/18/17) is 3.5% for a 30 year loan and 3.0% for a 15 year loan.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

  49. Eliza Morris
    Posted September 17, 2017 at 11:47 pm | Permalink

    I am not behind in my mortgage payments but is struggling to keep up since my husband passed. I am a senior citizen on social security. I am also left with a lot of debt. I have submitted the necessary paperwork to naca. Do I have a chance getting my loan modification due to not being behind. Also, how long does it usually take to hear back from the lender.

    • Posted September 18, 2017 at 10:44 am | Permalink

      Hello Eliza Morris,

      You could possibly qualify for a mortgage qualification under what is referred to as “imminent default”. In other words, while you are not presently delinquent, you are in danger of doing so because of one of four things (known as the “Four D’s) has occurred: death, divorce, disability or disaster.

      Once you have worked with a NACA counselor and we have created and submitted a modification proposal for you, the servicer must acknowledge the proposal within thirty day, however, there is no way of telling how long it will take to get you a final solution.You will simply have to continue to work with your counselor and be relentless about getting a modification until the servicer grants you the help you need.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

      • Eliza Morris
        Posted September 18, 2017 at 4:15 pm | Permalink

        Thank you so much. I have a counseling appt today. Will go from there.

  50. TC
    Posted September 30, 2017 at 6:15 am | Permalink

    I purchased my home in December of last year. While I am currently not behind on my mortgage; im close to being. Today is the last day to make my September payment before it’s considered late. I really try hard making my payments on time to avoid an adverse effect on my credit but I really need my loan modified. Do I need to allow my mortgage to become late and just take the hot on my credit or can I get it modified while staying current.

    • Posted October 3, 2017 at 9:10 am | Permalink

      Hello TC,

      It is much more difficult to get your mortgage modified while your loan is current as the banks consider that evidence that you are not having trouble since you are in fact making the payment. Typically, the only exception to this rule is under what is known as “Imminent Default”. This requires that you be in danger of going past due for one of four reasons, referred to as the “Four D’s”: Death, Divorce Disability or Disaster. For example, people in Florida and the Houston area would likely qualify because of the hurricanes, loss of a spouse/partner’s income through death or divorce, or dramatic decrease in income due to one of the borrowers becoming disabled.

      However, even if you do not qualify under Imminent Default, this does not mean yo should not try to get a modification. There are sometimes other circumstances that can come into play. Please contact the NACA Home Save Program at 801-401-6222 for more information and to start the process. Our services are free of charge.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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