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This topic contains 6 replies, has 4 voices, and was last updated by  TTrumble 5 months ago.

Viewing 7 posts - 1 through 7 (of 7 total)
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  • #31466

    groy22799
    Participant

    I went through NACA’s purchase program over 3 years ago and I love my mortgage. With that said, over the past few years I have accumulated a fair amount of debt related to a couple Custody cases that are getting ready to wrap up. I have asked the question before about a HELOC and realize that is not an option. My question is, can I refinance my mortgage to pay off these debts? I have plenty of equity in my home and struggle to get by each month with a family of 8. I don’t want to refinance into another program, as my interest rate currently sits at 2.625% and I would be interested in buying it down (utilizing equity) to at least that low with a refi…maybe lower. Is this possible? If not, I am open to suggestions.

    #31480

    TTrumble
    Member

    Hello groy22799,

    Unfortunately, NACA does not do any sort of refinancing. Cash-out refi’s and HELOC’s were an additional element of the mortgage bubble, which caused people to lose their hard-earned equity and also put their home at risk with second loans that often had predatory adjustable interest rates.

    I’m afraid the only refi option is to exit the NACA program, and as you noted, that will lead you into a higher interest rate no matter where you go.

    I’m sorry you are in such a struggle and wish I could offer you a better alternative.

    Tim Trumble
    Online Operations, NACA
    tturmble@naca.com

    #31490

    rashad3000
    Participant

    I have a suggestion. Would it be possible to sell your home then pay off all of your debt? Then you can turn around and go back through the NACA Purchase process. I think it would be a 6-month wait, if I’m not mistaken. But depending on your equity, you will have money to pay off all debt then buy down your rate on a 15 year mortgage to 0.0625% or 0.125%.

    Good luck!

    #31501

    groy22799
    Participant

    Bummer, Tim…I have enough equity in the home to buy my rate down to 2% or lower…plus, with all of my legal issues wrapping up, I could get it all consolidated and move forward with my life.

    Rashad, though that is a great idea and it would work, I have a large family (some of which have special needs…5 out of 6) which is the reason I bought this particular home. Selling is not a good option for me or my children. I will just need to find another way to consolidate my legal (related to my kids) debts.

    I just thought that I could possibly refinance with NACA to consolidate and buy my rate down low enough that my payment would be similar and I could afford the bills that roll in related to my special needs kids (two intellectually disabled, one dyslexic, one with severe depression issues and one with possible ODD). Being a civil servant, the money is not exactly rolling in. We will see what happens and what I can come up with.

    Thanks for the responses, guys.

    #31697

    groy22799
    Participant

    Ok, I just ran into another snag. My bills have just went up by over $1500 a month due to a custody issue. Is there nothing that NACA can do for me to allow me to consolidate my debt and keep my home? If not, I will most likely have to declare bankruptcy in the near future.

    #36466

    APalmer2017
    Member

    @ttrumble I got my mother into the program and I have tried to help her with her status but no one has gotten back to her in months and she can never reach her counselor. Is there someone else that I can get to assist her in updating her on the process? She is trying to save her home due to not being able to afford the mortage anymore. So I got her into the program for help. Any information would be greatly appreciated! Thanks.

    #36470

    TTrumble
    Member

    Hello APalmer2017,

    Part of the problem may be the fact that you are the person trying to make contact. NACA will not speak with anyone other than the person named on the mortgage for security reasons.

    Please have her contact NACA Member Services at 425-602-6222 for help.

    Tim Trumble
    Online Operations, NACA
    ttrumble@anca.com

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