Overcoming Bankruptcy Past

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  • #478
    haroldm603
    Participant

    NACA has given me hope again for homeownership, MC has been great with counseling, but ultimately, underwriters have all the cards, NACA is powerless.

    #497
    TTrumble
    Member

    Hello haroldm603,

    I would hardly use the word “powerless”. Even though your loan is subject to underwriting approval (just like every other loan), we make sure that you are ready and have no issues that we know of that would prevent a prompt approval.

    Plus our contracts with BOA and CitiMortgage outline the details of our character-based lending program and the guidelines they will go by when reviewing our members’ loan applications. That is why those who stick with the NACA program have a near-100% probability of getting the loan.

    That’s actually pretty powerful!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #535
    haroldm603
    Participant

    Thank you Tim for your response, however, underwriters have not been consistent
    in their reasoning in delaying the process. They have also not acknowledged my progress or the MC’s preparation for approval. Trying one more time, but I am
    not convinced NACA can assist members with a BK history.

    #639
    mgwagner
    Participant

    I also have a BK from 3/11, discharged in 8/12, a shortsale finalizing now because BOA lost my paperwork 2 times and I finally had to file BK, and My realator said it would be at least better to go shortsale than forclosure. Have a good offer-all in final stages with a negotiator…..What is my best path to simple and basic home ownership in the future..just need a small home or apt…Can NACA help me-what do I do?

    #640
    TTrumble
    Member

    Hello mgwagner,

    We are truly sad to hear that you are going to lose thehome. If you are reqlinqishing the home to short sale or foreclosure, you are going to be a renter for the next two years, especially with the BK. When you are again eligible for home ownership, NACA will be happy to work with you, and in fact we recomment that you start the process one year after exiting the previous home. When the time comes, simply log on to the NACA website and look for a convenient Home Buyer’s Workshop to start the process.

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

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